Forex – AUD/USD rises after Australian, Chinese data points

0 – The Australian dollar traded higher against its U.S. rival during Friday’s Asian session after getting support from a pair of encouraging data points.

In Asian trading Friday, AUD/USD rose 0.14% to 0.9468. The pair was likely to find support at 0.9426, the low of October 13 and resistance at 0.9547, the high of October 29.

The Aussie got a lift Friday after China’s National Bureau of Statistics said the country’s PMI was 51.4 in October, beating the consensus estimate of 51.2 and the September reading of 51.1.

The preliminary reading of a manufacturing purchasing managers’ index from HSBC Holdings and Markit Economics released Oct. 24 was a higher-than-estimated 50.9, according to Bloomberg.

China, the world’s second-largest economy, is Australia’s largest export market.

Meanwhile, the Australian Bureau of Statistics said that country’s producer price inflation was 1.3% in the third quarter after checking in at just 0.1% in the second quarter. Analysts expected a third-quarter reading of 0.7%.

Those data points arrived a day after data showed that building approvals in Australia climbed 14.4% in September, beating expectations for a 2.7% increase, after an upwardly revised 1.6% decline the previous month.

A separate report showed that import prices in Australia rose 6.1% in the third quarter, more than the expected 4.0% gain, after a 0.3% fall in the the three months to June.

Elsewhere, AUD/JPY inched down 0.02% to 93.00 while AUD/NZD gained 0.19% to 1.1469.

Source By Breaking News Website | BreakingNews.WS