2013-03-06 07:27 Asian Session – Australian dollar rises after upbeat GDP data
March 6, 2013 7:27 am
Asian markets were upbeat after risk appetite flowed over from the US session when the Dow Jones hit record high, encouraging investors to take on more risk amid signs of a continuing US economic recovery and globally accommodative monetary conditions.
The euro held steady above $1.3050, underpinned by this improved risk appetite. EURUSD opened in Asia at $1.3049 and rose 0.15 percent to $1.3069. Against the yen, euro fluctuated between 121.48 and 121.85 yen.
Focus will be on the European Central Bank policy meeting tomorrow, as investors will look to see if the bank will undertake more monetary easing. If ECB President Mario Draghi talks of more monetary easing this will be positive for the euro, as more stimulus will help spur the region’s economy..
The Australian dollar was the best performing currency, gaining 0.4 percent in the session to a high of $1.0299, the highest in a week.
Boosting the Aussie was data that showed Australia’s economy grew 0.6 percent last quarter, helped by a rise in resource exports. Also signs of steady growth in China, a major trading partner, buoyed investor confidence.
Sterling gained $1.5153, pulling back from Friday’s 2-1/2 year low of $1.4984. Focus will be on the Bank of England policy meeting tomorrow.
Dollar remained within its range from yesterday, hovering between 92.98 and 93.36 in Asia, easing lower after a surge in Tuesday trading following upbeat ISM data from the US.
The euro held steady above $1.3050, underpinned by this improved risk appetite. EURUSD opened in Asia at $1.3049 and rose 0.15 percent to $1.3069. Against the yen, euro fluctuated between 121.48 and 121.85 yen.
Focus will be on the European Central Bank policy meeting tomorrow, as investors will look to see if the bank will undertake more monetary easing. If ECB President Mario Draghi talks of more monetary easing this will be positive for the euro, as more stimulus will help spur the region’s economy..
The Australian dollar was the best performing currency, gaining 0.4 percent in the session to a high of $1.0299, the highest in a week.
Boosting the Aussie was data that showed Australia’s economy grew 0.6 percent last quarter, helped by a rise in resource exports. Also signs of steady growth in China, a major trading partner, buoyed investor confidence.
Sterling gained $1.5153, pulling back from Friday’s 2-1/2 year low of $1.4984. Focus will be on the Bank of England policy meeting tomorrow.
Dollar remained within its range from yesterday, hovering between 92.98 and 93.36 in Asia, easing lower after a surge in Tuesday trading following upbeat ISM data from the US.
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