Investing.com – The Australian dollar was higher against its U.S. counterpart on Thursday, boosted after media outlets in Hong Kong reported upbeat Chinese economic data a day ahead of the official release.
AUD/USD hit 1.0545 during late Asian trade, the pair’s highest since Monday; the pair subsequently consolidated at 1.0525, gaining 0.19%.
The pair was likely to find support at 1.0427, Wednesday’s low and resistance at 1.0580, last Friday’s high and the pair’s highest since it was floated in December 1983.
Hong Kong's Phoenix TV, citing an unnamed source, reported higher-than-expected increases in Chinese retail sales and industrial output, but also said inflation in the world's second biggest economy had accelerated. China is Australia’s largest trading partner.
Also Thursday, the Melbourne Institute said its gauge of inflation expectations dipped to 3.5% in April from 3.6% in March as the strength of the Australian dollar has seen imports become relatively cheaper.
Meanwhile, the Aussie was down against the yen, with AUD/JPY shedding 0.22% to hit 87.87.
Later in the day, the U.S. was to publish government data on initial jobless claims and producer price inflation.
AUD/USD hit 1.0545 during late Asian trade, the pair’s highest since Monday; the pair subsequently consolidated at 1.0525, gaining 0.19%.
The pair was likely to find support at 1.0427, Wednesday’s low and resistance at 1.0580, last Friday’s high and the pair’s highest since it was floated in December 1983.
Hong Kong's Phoenix TV, citing an unnamed source, reported higher-than-expected increases in Chinese retail sales and industrial output, but also said inflation in the world's second biggest economy had accelerated. China is Australia’s largest trading partner.
Also Thursday, the Melbourne Institute said its gauge of inflation expectations dipped to 3.5% in April from 3.6% in March as the strength of the Australian dollar has seen imports become relatively cheaper.
Meanwhile, the Aussie was down against the yen, with AUD/JPY shedding 0.22% to hit 87.87.
Later in the day, the U.S. was to publish government data on initial jobless claims and producer price inflation.