Off the wire
• Cuban oil refinery sharply decreases production due to Venezuela crisis  • Over 900,000 in Buenos Aires embrace culture in Night of Museums  • Beijing to hold next World Botanic Expo after Turkey's Antalya  • Brazil votes in municipal elections, controversial bishop elected as mayor of Rio  • Spotlight: Strongest quake in decades hits central Italy, devastating historic buildings  • News Analysis: China's ruling party seeks inner development via improving governance, self-supervision: Egyptian experts  • Protests across Morocco following death of fish vendor  • Interview: China to play key role at APEC meeting, says Peruvian official  • Bahrain issues arrest warrants for fugitives in Saudi anti-terror operation  • Interview: Earth in central Italy could tremble for weeks after 6.5-magnitude quake: Italian seismologist  
You are here: 　 Home

Australian dollar down on stronger U.S. GDP data

Xinhua, October 31, 2016 Adjust font size:

The Australian dollar had opened slightly lower at the back of a stronger U.S. gross domestic product data.

At the Asian open on Monday, the local unit was trading at 75.83 U.S cents, down marginally from 75.90 U.S. cents on Friday.

Commonwealth Bank of Australia's senior currency strategist Elias Haddad in a research note said the political uncertainty generated by the FBI's surprised announcement that it was reopening Hillary Clinton's email investigation was unlikely to have a sustained negative U.S. dollar impact.

"Instead, we see scope for the U.S. dollar to resume trending higher this week on further indication of an improving U.S. economic activity," Haddad said.

"The Australian dollar can drop to near it's 200-day moving average (near 74.80 U.S. cents) in a knee jerk reaction because we anticipate, albeit without great conviction, the RBA (Reserve Bank of Australia) to cut the cash rate by 25bps (base point) to a new record low of 1.25 percent on Tuesday," he said.

At 09:17 a.m. local time (AEDT), the Australian dollar was trading at 75.97 U.S. cents. Endit