Australian Dollar at a Lower Trading Trend against the U.S. Dollar

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Australian Dollar at a Lower Trading Trend against the U.S. Dollar
Australian Dollar at a Lower Trading Trend against the U.S. Dollar

Asian trading on Friday shows that the Australian dollar is trading at a lower position in comparison to the U.S. dollar regardless of traders decreasing speculation about the Reserve Bank of Australia not lowering rates during the meeting scheduled in early April. A closer look revealed that the AUD/USD is at a low position by 0.11% at a value of 1.0430. The pair was expected to come across support at 1.0344, which was the low of March 18 and find resistance at a position of 1.0405, which was seen as Wednesday’s low. The Australian dollar resisted slightly against the U.S. dollar on Thursday also even though some supportive data points.

China, the largest trading partner of Australia, is a topic of focus, with data indicating that China’s HSBC purchasing managers’ index had increased to value of to 51.7 observed in March from a position of 50.4 in February, showing that the revival in the second largest economy of the world continues on track.

In other news, EUR/AUD increased 0.27% to a value of 1.2388 whereas AUD/JPY slid 0.11% to value of 98.99. AUD/NZD is seen moving low 0.23% at a position of 1.2528. Official reports announced the previous day, indicated that New Zealand’s gross domestic product had advanced 1.5% in the fourth quarter, defeating prospects for a 0.9% increase, after an increase of 0.2% in the preceding quarter.

As seen in Asian trading Friday, EUR/USD is at a higher trend by 0.09% at a value of 1.2911 following a fall in Germany’s manufacturing PMI to a value of 48.9 in the month of March from a position of 50.3 in the preceding month.

GBP/USD climbed 0.10% to a value of 1.5189 in Asia after advancing in the U.S. Thursday subsequent to official data stating that U.K. retail sales had increased at the fastest rate in the previous month, since March 2012, advancing 2.1%, surpassing speculations for a 0.5% raise. Retail sales increased 2.6% year-on-year, easily exceeding outlook for a 0.5% increase.
USD/JPY is following elevated trends, 0.05% at a value of 94.96. USD/CHF is off 0.03% at a value of 0.9463 whereas USD/CAD is at a lesser position by 0.09% at 1.0239 owing to higher oil prices.