Australian Dollar Higher After Economic Data, Waits for RBA

The Australian dollar rose today, gaining on its major peers for the third straight day, after release of macroeconomic data from Australia. Now, traders wait for a monetary policy decision from the Reserve Bank of Australia.
Australian building approvals fell 1.8% in August from July. While it does not look like a good reading by itself, the actual figure was far better than the predicted drop by 5.8%. Furthermore, the July increase was revised up from 11.3% to 12.0%. Meanwhile, ANZ job advertisements fell 0.3% in September from the previous month after increasing 1.7% in August.
Now, traders wait for the monetary policy decision from the RBA which should be announced at 3:30 GMT today. It will be the first policy meeting under the leadership of the new Governor — Philip Lowe. Analysts do not expect any changes to the policy, but it will be interesting to see what the Governor says in his statement.
AUD/USD ticked up from 0.7671 to 0.7679 as of 1:35 GMT today. EUR/AUD slipped from 1.4603 to 1.4591. AUD/JPY advanced from 77.96 to 78.38, trading near the highest level since September 8.

If you have any questions, comments or opinions regarding the Australian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *