Declining Trend of Australian Dollar against the U.S. Dollar Ahead of China’s GDP Data for First Quarter

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Forex: Aussie Rebounds, Greenback and Euro Slumps
Forex: Aussie Rebounds, Greenback and Euro Slumps

The Asian session on Monday saw the Australian Dollar was trading just lower in comparison to the U.S. Dollar, with traders anticipating the first quarter GDP data report from China, that is expected to be announced later today. The AUD/USD is seen to be at a lower position by 0.18% at 1.0486 following previous trading trends which were as high as 1.0524. The pair is expected to find support at a value of 1.0478, which was Friday’s low and locate resistance at 1.0581 that was Thursday’s high.

The Australian Dollar was also seen to be giving poor responses to some reports related to the U.S. that were made available the previous Friday. The U.S. Commerce Department stated in the report released on Friday that retail sales decreased 0.4% in the month of March, and was the biggest decline in nine months and that the value missed speculations for a 0.1% increase.

There was a general expectation among economists for China’s GDP report to record growth of 8%, the quickest rate of growth observed since the first quarter of 2012. China is also slated to announce official data on retail sales, industrial production, as well as fixed asset investment.

Australia is scheduled to provide official reports related to home loans, later today. The Reserve Bank of Australia is also expected to make available the details of its latest policy setting meeting, on Tuesday. Previously this month, RBA maintained interest rates at a steady value at 3% and there is a general expectation among traders that to be the case again, following the central bank meets scheduled in early May. On Thursday, the National Australia Bank is set to announce its quarterly report related to business confidence.

Elsewhere, AUD/JPY slid 0.40% to 102.94 whereas AUD/NZD increased 0.60% to 1.2308. EUR/AUD advanced 0.39% to 1.2531.

The Asian trading markets on Monday also witnessed USD/JPY higher by 0.06% at a value of 98.44 following previously higher trading as 98.72. The pair was expected to locate support at 98.10 that was Friday’s low, and find resistance at a position of 99.94, Thursday’s high.

The EUR/JPY is ahead 0.06% at 129.08, AUD/JPY increased 0.27% to 103.63, while NZD/JPY is low 0.22% at 84.31.