Investing.com - The Australian dollar traded slightly higher against its U.S. counterpart during Wednesday’s Asian session following some trade data from down under.
In Asian trading Wednesday, AUD/USD rose 0.07% to 0.9516. The pair was likely to find support at 0.9422, the low of November 1 and resistance at 0.9548, the high of October 15.
Earlier Wednesday, the Australian Bureau of Statistics said the country’s trade deficit narrowed to AUD284 million in September from AUD693 million in August. Economists expected a September deficit of AUD500 million.
Market observers believe the shrinking deficit is evidence of the mining sector continuing to support the world’s 12th-largest economy and that there is a possibility of a small surplus early next year.
While better than nothing, the ongoing support from the mining sector is somewhat problematic for the Reserve Bank of Australia, which is desperate to see other sectors contribute to Australian growth, a scenario that has yet to materialize.
Elsewhere, AUD/NZD slipped 0.29% to 1.1343 after Statistics New Zealand said the country’s employment change rose 1.2% in the third quarter after a second-quarter increase of 0.4%. Economists expected a third-quarter increase of 0.6%.
New Zealand’s unemployment rate fell to 6.2% in the third quarter from 6.4% in the prior quarter. Economists expected a third-quarter reading of 6.3%.
Statistics New Zealand added that New Zealand’s labor cost index was unchanged at 0.4% last quarter. Economists expected a third-quarter reading of 0.5%.
AUD/JPY rose 0.28% to 93.92 while EUR/AUD gained 0.22% to 1.4208.
In Asian trading Wednesday, AUD/USD rose 0.07% to 0.9516. The pair was likely to find support at 0.9422, the low of November 1 and resistance at 0.9548, the high of October 15.
Earlier Wednesday, the Australian Bureau of Statistics said the country’s trade deficit narrowed to AUD284 million in September from AUD693 million in August. Economists expected a September deficit of AUD500 million.
Market observers believe the shrinking deficit is evidence of the mining sector continuing to support the world’s 12th-largest economy and that there is a possibility of a small surplus early next year.
While better than nothing, the ongoing support from the mining sector is somewhat problematic for the Reserve Bank of Australia, which is desperate to see other sectors contribute to Australian growth, a scenario that has yet to materialize.
Elsewhere, AUD/NZD slipped 0.29% to 1.1343 after Statistics New Zealand said the country’s employment change rose 1.2% in the third quarter after a second-quarter increase of 0.4%. Economists expected a third-quarter increase of 0.6%.
New Zealand’s unemployment rate fell to 6.2% in the third quarter from 6.4% in the prior quarter. Economists expected a third-quarter reading of 6.3%.
Statistics New Zealand added that New Zealand’s labor cost index was unchanged at 0.4% last quarter. Economists expected a third-quarter reading of 0.5%.
AUD/JPY rose 0.28% to 93.92 while EUR/AUD gained 0.22% to 1.4208.