Wednesday, March 5, 2014

Aussie gains as data beats the forecasts

Aussie gains for the fourth day against the greenback cousin as the reported data were higher and more likable than forecasts. A report was released by the Australian bureau of statistics yesterday showed a growth in the Building approvals surged during the month of January by 6.8%, which gave the Australian dollar a strong push targeting the level of 0.8960. The biggest jump was today, when another report was released y the same agency shows 0.8% growth in quarterly GDP measure for the fourth quarter in 2013, 0.1% higher than the expectations and 0.2% over the last release.

The kangaroo currency jumped by 0.2% during the Asian trades, just after the GDP report. Hitting the level of 0.8996, the highest in a week, rising from 0.8956 and supported at 0.8955 on 38.2% retracement level.

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