Investing.com - The Australian dollar continued its recent bout of bullishness against its U.S. rival Friday even after the Reserve Bank of Australia lowered its growth outlook.
In Asian trading Friday, AUD/USD rose 0.14% to 0.9116. The pair was likely to find support at 0.8920, Wednesday's low and resistance at 0.9206, the high of July 30.
Earlier Friday, RBA lowered its 2013 GDP growth outlook to 2.25% from a previous forecast of 2.5% while adding core consumer prices will rise 2.25% through the fiscal year ending July 2014. RBA’s desired range for core consumer prices is 2% to 3%.
On Thursday, Official data showed that the number of employed people in Australia fell by 10,200 in July, confounding expectations for a 5,000 rise. June's figure was revised down to a 9,300 rise from an initial 10,300 increase.
The report also showed that Australia's unemployment rate remained unchanged at 5.7% last month, compared to expectations for an uptick to 5.8%.
The Aussie also continued higher against the greenback Friday after the National Bureau of Statistics of China said that Chinese CPI remained unchanged at 2.7% last month. Analysts expected a July reading of 2.8%.
In another report, the National Bureau of Statistics said China’s producer price inflation was -2.3% last month after reading -2.7% in June. Analysts had expected Chinese PPI to rise to -2.2% last month.
RBA hinted it would like to see the Aussie fall more, saying in a statement, "a 10 percent depreciation of the exchange rate stimulates GDP growth by 0.5 percent to 1 percent over a period of two years or so."
Meanwhile, AUD/JPY rose 0.16% to 88.14. AUD/NZD added 0.29% to 1.1402.
In Asian trading Friday, AUD/USD rose 0.14% to 0.9116. The pair was likely to find support at 0.8920, Wednesday's low and resistance at 0.9206, the high of July 30.
Earlier Friday, RBA lowered its 2013 GDP growth outlook to 2.25% from a previous forecast of 2.5% while adding core consumer prices will rise 2.25% through the fiscal year ending July 2014. RBA’s desired range for core consumer prices is 2% to 3%.
On Thursday, Official data showed that the number of employed people in Australia fell by 10,200 in July, confounding expectations for a 5,000 rise. June's figure was revised down to a 9,300 rise from an initial 10,300 increase.
The report also showed that Australia's unemployment rate remained unchanged at 5.7% last month, compared to expectations for an uptick to 5.8%.
The Aussie also continued higher against the greenback Friday after the National Bureau of Statistics of China said that Chinese CPI remained unchanged at 2.7% last month. Analysts expected a July reading of 2.8%.
In another report, the National Bureau of Statistics said China’s producer price inflation was -2.3% last month after reading -2.7% in June. Analysts had expected Chinese PPI to rise to -2.2% last month.
RBA hinted it would like to see the Aussie fall more, saying in a statement, "a 10 percent depreciation of the exchange rate stimulates GDP growth by 0.5 percent to 1 percent over a period of two years or so."
Meanwhile, AUD/JPY rose 0.16% to 88.14. AUD/NZD added 0.29% to 1.1402.