AUD news

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Australian Employment Rises for Fourth Consecutive Month as Full-Time Jobs Surge

Australian employment levels rose in June for a fourth consecutive month, powered by gains in full-time jobs.

In seasonally adjusted terms, overall employment rose by 14,000 last month, following a revised gain of 38,000 n May, the Australian Bureau of Statistics said in a report on Thursday. Analysts in a median forecast called for a monthly gain of 14,400.

Australia Q2 CPI Weakens to 1.9% YOY vs. 2.2% Expected

Australia’s annual inflation rate slowed unexpectedly in the second quarter, a sign that cost pressures were ebbing after a sharp pickup at the start of the year.

The consumer price index (CPI) advanced at an annualized 1.9% in the second quarter, following a 2.1% uptick the previous quarter, the Australian Bureau of Statistics said in its quarterly inflation report on Wednesday.

Compared to the first quarter, the CPI rate accelerated 0.2%. That followed a 0.5% increase in the first quarter.

AUD/USD Surges Through Resistance To Attack The Psychological 0.8000 Handle

After multiple attempts at 0.7960 resistance since late last week, AUD/USD has scaled above the level to trade at fresh two-year highs. The break above resistance followed the Fed meeting which triggered broad-based dollar weakness.

The Federal Reserve left rates unchanged as expected and made minor changes in the accompanying statement. The Bank was slightly more optimistic regarding the labor markets and made a minor adjustment to inflation rhetoric, reaffirming that it is running below the 2% target. The Fed signaled that balance sheet normalization is to start ‘soon’ which will be interpreted as September.

Australian Second Quarter PPI Unchanged at 0.5% vs. 0.6% Expected

Australia’s producer inflation index expanded at a steady pace in the second quarter, a sign that cost pressures were slowly returning after bottoming out last year.

The quarterly producer price index (PPI) rose 0.6% in April-June, following a 0.5% increase the previous quarter, the Australian Bureau of Statistics reported Friday. The median estimate called for a gain of 0.6%.

Australian Building Permits Rebound 10.9% in June

Australian building approvals bounced back sharply in June after declining in two of the past three months, official data showed on Wednesday.

Building permits climbed at a seasonally adjusted 10.9% in June, the Australian Bureau of Statistics said – coming in at 18,453. That was well above forecasts for a 1.2% gain following a 5.4% drop in May.

Australia’s June Trade Surplus Narrows More Than Expected as Exports Drop

Australia’s trade surplus narrowed more than expected June, as commodity-driven growth ebbed compared to the previous month.

After seasonal adjustments, Canberra’s trade surplus stood at A$856 million in June, down sharply from a revised $2.02 billion surplus the prior month, the Australian Bureau of Statistics reported Thursday. Economists in a median estimate called for the surplus to narrow to $1.8 billion.

Australian Retail Sales Rise 0.3% in June vs. 0.2% Expected

Australian retail sales rose in June for a third straight month, a sign that consumer spending was making a strong comeback.

Receipts at national retailers rose at a seasonally adjusted 0.3% in June, following a 0.6% gain the previous month, the Australian Bureau of Statistics reported Friday. That was higher than the median estimate calling for a 0.2% increase.

AUDNZD heading to 1.0845 - Westpac

Australian bank, Westpac, see the Kiwi losing ground to the Aussie in weeks ahead.

"Commodity prices are still supportive, with the Westpac Australian Export Commodity Index edging up to a 3-month high. Both iron and coal product sets have performed well, the latter catching up to strong steel production demand.

3 months ahead: fair value for the cross is around 1.0870. We see that as a fair target for the remainder of 2017. Supportive of the AUD are the rebound in iron ore prices and positive Chinese economic data, as well as the RBNZ's on-hold stance (arguably even more entrenched than the RBA's)."

AUD/USD Holds Within A Range

AUD/USD found some support following a sharp drop at the North American close yesterday. The pair has been confined to a range for the day.

The currency pair dipped to a low of 0.7855 in the Asian session prior to bouncing higher. Today’s recovery was capped at the 0.7900 handle slightly ahead of the North American open.

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