Investing.com - The Australian dollar traded modestly higher against its U.S. counterpart in Asian trading Monday even after National Australia Bank lowered its price target on the pair.
In Asian trading Monday, AUD/USD inched up 0.01% to 0.9200. The pair is likely to find support at 0.9087, Friday’s low and resistance at 0.9287, the high from July 29.
In recent days, the Aussie has been home to noticeable strength against the greenback due in large to some supportive Chinese economic data. Last week, the Aussie was boosted after official data showed that Chinese industrial output rose significantly more-than-forecast in July and consumer price inflation remained unchanged.
Industrial production in China rose 9.7% last month, beating expectations for a 9.0% increase and picking up from a gain of 8.9% in June.
In another report, the National Bureau of Statistics said CPI remained unchanged at 2.7% last month. Analysts expected a July reading of 2.8%. China is Australia's largest export market.
Those data points helped traders overlook another rate cut from the Reserve Bank of Australia and disappointing employment data out of Australia.
Last Thursday, 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 National Australia Bank said they remain short AUD/USD from 0.9210, stop at 0.9350 and have lowered their price target to 0.8600 from 0.8800.
Elsewhere, AUD/JPY rose 0.07% to 88.61 while AUD/NZD inched down 0.03% to 1.1440.
In Asian trading Monday, AUD/USD inched up 0.01% to 0.9200. The pair is likely to find support at 0.9087, Friday’s low and resistance at 0.9287, the high from July 29.
In recent days, the Aussie has been home to noticeable strength against the greenback due in large to some supportive Chinese economic data. Last week, the Aussie was boosted after official data showed that Chinese industrial output rose significantly more-than-forecast in July and consumer price inflation remained unchanged.
Industrial production in China rose 9.7% last month, beating expectations for a 9.0% increase and picking up from a gain of 8.9% in June.
In another report, the National Bureau of Statistics said CPI remained unchanged at 2.7% last month. Analysts expected a July reading of 2.8%. China is Australia's largest export market.
Those data points helped traders overlook another rate cut from the Reserve Bank of Australia and disappointing employment data out of Australia.
Last Thursday, 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 National Australia Bank said they remain short AUD/USD from 0.9210, stop at 0.9350 and have lowered their price target to 0.8600 from 0.8800.
Elsewhere, AUD/JPY rose 0.07% to 88.61 while AUD/NZD inched down 0.03% to 1.1440.