Forex – Australian dollar up ahead of Westpac survey, China price data


Australian dollar higherAustralian dollar higher – The Australian dollar gained ahead of a domestic business survey and price data in key export destination China in early Asia on Wednesday.

AUD/USD traded at 0.9406, up 0.06%, while USD/JPY traded at 101.52, down 0.06%.

In Australia, the July Westpac-MI consumer sentiment is due at 1030 Sydney time (0030 GMT). Expectation is for a steady or a slightly improved index from 93.2 in June.

Then China is due to announce June CPI and PPI data at 0930 Beijing time (0130 GMT). The CPI is expected to have risen 2.4% year-on-year in June. The PPI is expected to have dropped 1.0% year-on-year in June, which would mark the 28th straight month of deflation but also be the best showing since April 2012.

Overnight, the dollar traded largely lower against most major currencies as investors avoided the greenback ahead of the release of the Federal Reserve’s June policy meeting minutes on Wednesday.

Many were hoping the document would contain language indicating when interest rates may begin rising in the U.S. and avoided the greenback ahead of time.

While the labor market has shown some signs of improvement, markets remain unclear as to how much time will pass from when the Fed will wrap up stimulus programs and when it will begin hiking benchmark interest rates.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was flat at 80.23.

Source By Breaking News Website | BreakingNews.WS