Australian dollar gains, domestic data eyed

Photo by Spencer Platt/Getty Images

The Australian dollar endured a wild session overnight, trading in a near one cent range before eventually closing fractionally higher.

As at 8.30am AEST the AUD/USD currently trades at .6990, up fractionally from Tuesday’s opening level of .6980.

After a relative death of data in recent sessions, the domestic economic calendar springs back to life today with the release of building approvals and private sector credit figures for August.

According to Elias Haddad, senior currency strategist at CBA, the data calendar should support the Australian dollar today.

“We expect AUD to be supported today by better than expected Australian August building approvals (CBA: -1% MoM, consensus: -2% MoM) and decent credit growth (CBA: +0.5% MoM, in line with consensus),” he wrote in a research note this morning.

“High levels of home building and a pickup in consumer spending are part of the RBA’s (perhaps premature) cautious optimism about a successful transition towards non mining investment growth drivers.”

Both the building approvals and private sector credit reports will be released at 11.30am AEST. Outside of the domestic data calendar, the performance of Chinese stocks — something that has been influential on overall investor sentiment in recent weeks — may also impact on movements in the Aussie today.

The full scoreboard can be found below.

  • AUD/USD 0.6990 , 0.0008 , 0.11%
  • AUD/JPY 83.71 , 0.13 , 0.16%
  • AUD/CNY 4.4465 , 0.0045 , 0.10%
  • AUD/EUR 0.6210 , 0.0005 , 0.08%
  • AUD/GBP 0.4611 , 0.0004 , 0.09%
  • AUD/NZD 1.1017 , 0.0027 , 0.25%

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.