Investing.com - The Australian dollar traded lower against its U.S. counterpart during Friday’s Asian session as traders backed away from riskier assets and pondered what the next move out of the Federal Reserve will be.
In Asian trading Friday, AUD/USD fell 0.07% to 0.9616. The pair was likely to find support at 0.9528, the low of October 17 and resistance at 0.9756, Wednesday's high and a five-month high.
The Aussie has been in rally mode against the greenback in recent weeks and some technical analysts now believe the Aussie could make a run at 98 cents. If gets through that level, another flirtation with parity against the green back is possible.
Earlier this week, data indicated a surprise in Australian inflation numbers. That soothed skittish Aussie bulls that were worried about another rate cut from the Reserve Bank of Australia. Swaps data indicate traders are seeing a diminishing chance RBA lowers rates again in the next several months.
The Aussie was supported Thursday after the preliminary reading of China’s HSBC manufacturing index for October rose to a seven-month high of 50.9, up from a final reading of 50.2 in September. Economists had expected the index to tick up to 50.5. China is Australia’s largest export market.
Elsewhere, AUD/JPY fell 0.05% to 93.57 after Japan’s Statistics Bureau said the country’s consumer price inflation fell to 0.7% last month from 0.8% in August. Analysts expected the 0.7% reading.
In a separate report, the Statistics Bureau said Tokyo’s core CPI, which excludes fresh food costs rose to 0.3% last month from 0.2% in August. Analysts expected a reading of 0.3%.
The Bank of Japan said Japan’s corporate services price index was 0.7% last month after August’s reading was revised up to 0.7% from 0.6%. Analysts expected a September reading of 0.8%.
AUD/NZD rose 0.33% to 1.554.
In Asian trading Friday, AUD/USD fell 0.07% to 0.9616. The pair was likely to find support at 0.9528, the low of October 17 and resistance at 0.9756, Wednesday's high and a five-month high.
The Aussie has been in rally mode against the greenback in recent weeks and some technical analysts now believe the Aussie could make a run at 98 cents. If gets through that level, another flirtation with parity against the green back is possible.
Earlier this week, data indicated a surprise in Australian inflation numbers. That soothed skittish Aussie bulls that were worried about another rate cut from the Reserve Bank of Australia. Swaps data indicate traders are seeing a diminishing chance RBA lowers rates again in the next several months.
The Aussie was supported Thursday after the preliminary reading of China’s HSBC manufacturing index for October rose to a seven-month high of 50.9, up from a final reading of 50.2 in September. Economists had expected the index to tick up to 50.5. China is Australia’s largest export market.
Elsewhere, AUD/JPY fell 0.05% to 93.57 after Japan’s Statistics Bureau said the country’s consumer price inflation fell to 0.7% last month from 0.8% in August. Analysts expected the 0.7% reading.
In a separate report, the Statistics Bureau said Tokyo’s core CPI, which excludes fresh food costs rose to 0.3% last month from 0.2% in August. Analysts expected a reading of 0.3%.
The Bank of Japan said Japan’s corporate services price index was 0.7% last month after August’s reading was revised up to 0.7% from 0.6%. Analysts expected a September reading of 0.8%.
AUD/NZD rose 0.33% to 1.554.