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Forex News: Australian Dollar Falls On Dismal China PPI, NAB

Australian Dollar Falls On Dismal China PPI, NAB Business Confidence

09/10/2019 - 03:30:00 (RTTNews)

(RTTNews) - The Australian dollar slipped against its major counterparts in the Asian session on Tuesday, as the NAB business confidence index declined in August and China's producer price inflation worsened again.

Survey results from the National Australia Bank showed that Australia's business confidence and conditions deteriorated in August.

The business confidence index fell to +1 from +4 in July. Likewise, the business conditions index declined to +1 from +3 a month ago.

Figures from the National Bureau of Statistics showed that China's producer prices declined further on weak demand signaling deflationary pressures.

Producer prices fell 0.8 percent annually after easing 0.3 percent in the previous month. Prices were expected to drop 0.9 percent.

Month-on-month, producer prices fell 0.1 percent after decreasing 0.2 percent in July.

Consumer prices rose 2.8 percent year-on-year in August, the same pace of growth as seen in July. Economists had forecast the rate of inflation to slow to 2.7 percent.

The aussie declined to 0.6850 against the greenback, from a high of 0.6869 seen at 9:15 pm ET. If the aussie falls further, 0.67 is seen as its next support level.

After rising to near a 6-week high of 73.83 against the yen at 9:15 pm ET, the aussie pulled back slightly to 73.54. The aussie is seen finding support around the 70.00 level.

The aussie retreated to 1.6119 against the euro, following an advance to 1.6081 at 9:15 pm ET. The aussie is likely to face support around the 1.64 level.

The aussie eased back to 0.9026 against the loonie, from a 4-day high of 0.9049 hit at 9:15 pm ET. Next key support for the aussie is seen around the 0.88 level.

The aussie edged down to 1.0644 against the kiwi, from a high of 1.0685 it touched at 6:00 pm ET. The next possible support for the aussie is seen around the 1.05 mark.

Looking ahead, U.K. claimant count rate for August and ILO jobless rate for three months ended July are due in the European session.

At 8:15 am ET, Canada housing starts for August are scheduled for release.

Canada building permits for July will be published in the New York session.

For comments and feedback: contact editorial@rttnews.com

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