Investing.com - The Australian dollar traded higher against its U.S. counterpart during Monday’s Asian session, though only modestly so in the first trading session following national elections down under.
In Asian trading Monday, AUD/USD inched up 0.03% to 0.9194. The pair is likely to find support at 0.9115, Friday’s session low and resistance at 0.9232, the high from August 19. The Aussie climbed 3.11% against the greenback last week.
Conservative Tony Abbott topped labor leader Kevin Rudd in the race to decide Australia’s next prime minister. Although the vote is not yet official, it appears mathematically impossible that Rudd will be able to win.
Some media reports say Abbott wants to be Australia’s Ronald Reagan, a nod to the former U.S. president who led the country from 1980-88. Reagan supporters view the former actor and California governor as steering the U.S. through the Cold War will initiating policies that helped spark an unprecedented bull market for U.S. stocks.
"I now look forward to forming a government that is competent, that is trustworthy, and which purposely and steadfastly and methodically set about delivering on our commitments," Abbott said in a victory speech.
The Aussie also traded higher after China said August exports climbed 7.2% on the year in August, up from 5.1% in July and beating expectations for 5.5%. Imports rose 7%. China’s August trade surplus widened to $28.6 billion, from $17.8 billion. China is the second-largest oil consumer in the world.
Elsewhere, the National Bureau of Statistics of China said that Chinese CPI rose 0.5% last month after a 0.1% increase in July. Economists expected an August increase of 0.4%. The Statistics Bureau added that PPI for August rose to -1.6% from -2.3% in July. Analysts expected an August PPI reading of -1.8%.
China, the world’s second-largest economy, is Australia’s largest export market.
Meanwhile, the Australian Bureau of Statistics said that Australian home loans rose 2.4% in August after 2.6% July jump. The July number was revised lower from an initial reading of growth of 2.7%. Analysts expected an August increase of 2%.
AUD/JPY added 0.55% to 91.61 while AUD/NZD rose 0.40% to 1.1526.
In Asian trading Monday, AUD/USD inched up 0.03% to 0.9194. The pair is likely to find support at 0.9115, Friday’s session low and resistance at 0.9232, the high from August 19. The Aussie climbed 3.11% against the greenback last week.
Conservative Tony Abbott topped labor leader Kevin Rudd in the race to decide Australia’s next prime minister. Although the vote is not yet official, it appears mathematically impossible that Rudd will be able to win.
Some media reports say Abbott wants to be Australia’s Ronald Reagan, a nod to the former U.S. president who led the country from 1980-88. Reagan supporters view the former actor and California governor as steering the U.S. through the Cold War will initiating policies that helped spark an unprecedented bull market for U.S. stocks.
"I now look forward to forming a government that is competent, that is trustworthy, and which purposely and steadfastly and methodically set about delivering on our commitments," Abbott said in a victory speech.
The Aussie also traded higher after China said August exports climbed 7.2% on the year in August, up from 5.1% in July and beating expectations for 5.5%. Imports rose 7%. China’s August trade surplus widened to $28.6 billion, from $17.8 billion. China is the second-largest oil consumer in the world.
Elsewhere, the National Bureau of Statistics of China said that Chinese CPI rose 0.5% last month after a 0.1% increase in July. Economists expected an August increase of 0.4%. The Statistics Bureau added that PPI for August rose to -1.6% from -2.3% in July. Analysts expected an August PPI reading of -1.8%.
China, the world’s second-largest economy, is Australia’s largest export market.
Meanwhile, the Australian Bureau of Statistics said that Australian home loans rose 2.4% in August after 2.6% July jump. The July number was revised lower from an initial reading of growth of 2.7%. Analysts expected an August increase of 2%.
AUD/JPY added 0.55% to 91.61 while AUD/NZD rose 0.40% to 1.1526.