Investing.com - The Australian dollar continued to build on its recent strength against its U.S. rival during Friday’s Asian session as traders digested some decent though disappointing economic data out of the U.S.
In Asian trading Friday, AUD/USD rose 0.15% to 0.9156. The pair was likely to find support at 0.9074, the low of August 13 and resistance at 0.9287, the high of July 29.
In U.S. economic news out Thursday, the U.S. Labor Department said initial claims for jobless benefits fell by 15,000 last week to 320,000. That is lowest level since October 2007. The less volatile four-week average fell 4,000 to 332,000, the lowest reading since November 2007.
The Labor Department said U.S. consumer prices rose a seasonally adjusted 0.2% last month. Excluding energy and food, the core consumer-price index also rose 0.2% Overall CPI rose 0.5% and has risen 2% in the past year.
The New York Federal Reserve said its Empire State general business conditions index fell to 8.24 from 9.46 in July. Economists expected a reading of 10. Readings above zero indicate expansion. The index for the number of employees climbing to 10.84 from 3.26. The average employee workweek index jumped to 4.82 from minus 7.61, according to Reuters
The disappointing data raised fresh doubts over whether the economic recovery is strong enough for the Fed to begin unwinding its USD85 billion-a-month asset purchase program later this year.
Elsewhere, AUD/JPY rose 0.15% to 89.19 after Japan’s Economics Minister Akira Amari said Thursday Japan is halfway out of deflation. The news is significant for the Aussie because Japan is Australia’s second-largest trading partner after China.
AUD/NZD fell 0.28% to 1.1295.
In Asian trading Friday, AUD/USD rose 0.15% to 0.9156. The pair was likely to find support at 0.9074, the low of August 13 and resistance at 0.9287, the high of July 29.
In U.S. economic news out Thursday, the U.S. Labor Department said initial claims for jobless benefits fell by 15,000 last week to 320,000. That is lowest level since October 2007. The less volatile four-week average fell 4,000 to 332,000, the lowest reading since November 2007.
The Labor Department said U.S. consumer prices rose a seasonally adjusted 0.2% last month. Excluding energy and food, the core consumer-price index also rose 0.2% Overall CPI rose 0.5% and has risen 2% in the past year.
The New York Federal Reserve said its Empire State general business conditions index fell to 8.24 from 9.46 in July. Economists expected a reading of 10. Readings above zero indicate expansion. The index for the number of employees climbing to 10.84 from 3.26. The average employee workweek index jumped to 4.82 from minus 7.61, according to Reuters
The disappointing data raised fresh doubts over whether the economic recovery is strong enough for the Fed to begin unwinding its USD85 billion-a-month asset purchase program later this year.
Elsewhere, AUD/JPY rose 0.15% to 89.19 after Japan’s Economics Minister Akira Amari said Thursday Japan is halfway out of deflation. The news is significant for the Aussie because Japan is Australia’s second-largest trading partner after China.
AUD/NZD fell 0.28% to 1.1295.