Forex – AUD/USD almost unchanged after Australian inflation data


Aussie holds steady vs. greenback, inflation expectations riseAussie holds steady vs. greenback, inflation expectations rise – The Australian dollar was almost unchanged against its U.S. counterpart on Thursday, after data showed that inflation expectations in Australia rose last month, while demand for the greenback remained broadly supported.

AUD/USD hit 0.8672 during late Asian trade, the session low; the pair subsequently consolidated at 0.8710.

The pair was likely to find support at 0.8588, the low of November 11 and resistance at 0.8764, the high of November 5.

In a report, the Melbourne Institute said inflation expectations for Australia rose to 4.1% in October from 3.4% the previous month.

Meanwhile, demand for the greenback remained supported by the diverging monetary policy outlook between the Federal Reserve and it’s major peers.

Investors were eyeing U.S. data on initial jobless claims due later in the day, as well as Friday’s retail sales report for further indications on the strength of the recovery.

The Aussie was steady against the New Zealand dollar, with AUD/NZD at 1.1056.

The kiwi found support after data on Thursday showed that the Business NZ Manufacturing Index rose to 59.3 last month from a reading of 58.5 in September, whose figure was upwardly revised from a previously estimated 58.1.

Source By Breaking News Website | BreakingNews.WS