News Column

Aussie Retreats As Australia Unemployment Rises, China Trade Surplus Declines

July 9, 2014

CANBERA (Alliance News) - The Australian dollar retreated from early highs against the other major currencies in the Asian session on Thursday following the releases of higher-than-forecast Australia unemployment rate rise in June and lower-than-forecast china trade data in June.

The data from Australian Bureau of Statistics showed that Australia's unemployment rate increased in June as the number of people looking for full-time and for part-time jobs increased considerably.

The seasonally adjusted unemployment rate rose to 6.0% in June from 5.9% in May. Economists expected the unemployment rate to come in at 5.9%.

China posted a merchandise trade surplus of USD31.6 billion in June, missing forecasts for a surplus of USD36.95 billion, and was down from USD35.92 billion in May, the data from the customs office showed.

The Australian dollar fell to a 2-month low of 1.0656 against the NZ dollar, from an early high of 1.0701. At yesterday's close, the aussie was trading at 1.0662 against the kiwi.

Pulling away from an early 8-day high of 1.4431 against the euro and a 1-week high of 95.97 against the yen, the aussie eased to 2-day lows of 1.4519 and 95.40, respectively. The aussie was quoted at 1.4489 against the euro and 95.65 against the yen at yesterday's close.

Moving away from early 8-day highs of 0.9454 against the US dollar and 1.0069 against the Canadian dollar, the aussie slipped to 0.9395 and 1.0010, respectively. The aussie closed yesterday's deals at 0.9412 against the greenback and 1.0020 against the loonie.

If the aussie extends its fall, it is likely to find support around 0.92 against the greenback, 1.46 against the euro, 96.57 against the yen, 1.05 against the kiwi and 0.9928 against the loonie.

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Source: Alliance News

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