News Column

Aussie Eases Amid Consolidation Move

June 5, 2014



CANBERA (Alliance News) - The Australian dollar moved slightly lower against the other major currencies in the Asian session on Friday in a consolidation move following its recent strength. A report showing contraction by the construction sector in Australia may have also contributed to the modest weakness.

The Australian construction sector continued to contract in May, although at a slower pace, the latest survey from the Australian Industry Group revealed. The index came in at 46.7, up from 45.9 in April, although it remains below the boom-or-bust line of 50 that separates expansion from contraction in a sector.

The Australian dollar fell to 0.9324 against the US dollar, 1.4650 against the euro and 1.0182 against the Canadian dollar, from early highs of 0.9338, 1.4620 and 1.0182, respectively. The next possible downside target of the aussie is seen at 0.92 against the greenback, 1.47 against the euro and 1.00 against the loonie.

Easing from early highs of 1.0996 against the NZ dollar and 95.64 against the yen, the aussie fell to 1.0974 and 95.41, respectively. The downside target of the aussie may possibly be 1.08 against the kiwi and 94.79 against the yen.

Looking ahead, Japan leading indicators for April is due in the Asian session.

At 2:00 am ET,German industrial production and trade balance data for April are due.

In the European session, German industrial production and trade balance data for April, Swiss foreign currency reserves for May, inflation report for May and quarterly industrial production data and UK trade data for April are due.

European Central Bank Vice President Vitor Constancio is due to deliver a speech in London following yesterday's rate cut.

In the New York session, Canadian and USjobs data for May are due.

US consumer credit for April is slated to be released at 3:00 pm ET.



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Source: Alliance News


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