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Name Symbol Market Type
Australian Dollar vs New Zealand Dollar FX:AUDNZD Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.00293 -0.27% 1.06618 1.06604 1.06631 1.06749 1.06588 1.06929 0 09:55:51

Australian Dollar Climbs After Strong China Data, RBA Minutes

15/09/2020 4:04am

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AUD vs NZD (FX:AUDNZD)
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The Australian dollar advanced against its major counterparts in the Asian session on Tuesday, as better-than-expected China retail sales and industrial production for August suggested sustained recovery in the world's second largest economy.

Data from the National Bureau of Statistics showed that China's industrial production rose 5.6 percent on year in August.

That beat expectations for an increase of 5.1 percent and was up sharply from the 4.8 percent gain in July.

The retail sales advanced an annual 0.5 percent - also topping expectations for a flat reading after slipping 1.1 percent in the previous month.

The minutes from the the Reserve Bank of Australia's September 1 meeting showed that the members judged that its unprecedented level of fiscal easing has played a key role in helping to sustain the Australian economy.

The members added that they intend to maintain its highly accommodative stance as long as necessary.

At the meeting, the RBA held the country's benchmark lending rate steady at the record low 0.25 percent but increased the size of the Term Funding Facility. Under the expanded Term Funding Facility, authorized deposit-taking institutions will have access to additional funding, equivalent to 2 percent of their outstanding credit, at a fixed rate of 25 basis points for three years.

The aussie jumped to 0.7336 against the greenback, its biggest level since September 3. The aussie is seen finding resistance around the 0.75 level.

The aussie spiked up to a 5-day high of 1.6219 against the euro and a 4-day high of 77.50 against the yen, from its early low of 1.6327 and 6-day low of 76.79, respectively. The next key resistance for the aussie is likely seen around 1.58 against the euro and 80.00 against the yen.

The aussie advanced to nearly a 2-week high of 0.9639 against the loonie, compared to Monday's closing value of 0.9602. On the upside, 0.98 is likely seen as the next resistance level for the aussie.

The aussie reached as high as 1.0911 against the kiwi and held steady in subsequent deals. The pair had ended Monday's trading at 1.0876.

Looking ahead, German ZEW economic sentiment index for September is due in the European session.

U.S. industrial production and export and import prices for August and New York Fed's empire manufacturing index for September will be released in the New York session.

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P: V:gb D:20201022 09:10:51