Australian Dollar Rises Ahead Of U.S. Inflation Data
(RTTNews) - The Australian dollar climbed against its major counterparts in the Asian session on Tuesday, as traders await a closely watched report on U.S. consumer price inflation, which could show moderation in the annual pace.
The Federal Reserve's last policy meeting of the year gets underway later today, with the U.S. central bank expected to sound 'less-hawkish' amid a decline in October's inflation report and in-line PPI numbers.
The Fed, European Central Bank and the Bank of England are all expected to raise rates by 50 basis points later this week, but the forecasts and guidance on interest rates will be key amid the weakening growth outlook.
Oil prices rose over 1 percent in Asian trading, after having climbed around 3 percent overnight on news of supply disruptions.
The AUD/USD pair rose to 0.6775 around 9:40 pm ET and held steady thereafter. The pair had ended Monday's deals at 0.6746.
The AUD/JPY pair climbed to nearly a 2-week high of 93.20 around 9:40 pm ET and was steady thereafter. The pair was valued at 92.87 when it ended trading on Monday.
The AUD/NZD pair recovered to 1.0587, from a 6-day low of 1.0557 seen at 7:50 pm ET. The aussie may target resistance around the 1.09 level.
The EUR/AUD pair fell to 1.5578 around 9:40 pm ET and moved sideways since then. At Monday's close, the pair was worth 1.5618. The AUD/CAD pair rebounded to 0.9220, from a session's low of 0.9191 seen at 11:10 pm ET. The aussie is seen locating resistance around the 0.94 level.
Looking ahead, at 5.00 am ET, Germany's ZEW economic confidence survey results are due.
U.S. inflation data for November will be published at at 8:30 am ET.
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