The Australian dolllar advanced against other major currencies in the early Asian session as Australia’s export and import prices rose more-than-forecast in the first quarter.
Export prices in Australia climbed 3.6 percent on quarter in the first quarter of 2014, the Australian Bureau of Statistics said today.
That beat expectations for 1.5 percent following the 0.5 percent decline in the previous three months.
Import prices gained 3.2 percent on quarter – also well above forecasts for an increase of 1.8 percent following the 0.6 percent decline in the three months prior.
On a yearly basis, export prices were up 7.0 percent, while import prices jumped 8.6 percent.
The Australian dollar rose to multi-day highs of 0.9304 against the U.S dollar and 1.0199 against the canadian dollar in the early Asian session. The aussie closed yesterday’s deals at 0.9288 versus the greenback and 1.0182 versus the loonie.
Against the euro and the yen, the aussie rose to 1.4910 and 95.03, from early lows of 1.4947 and 94.79, respectively.
The aussie was worth 1.4931 against the euro and 94.96 versus the yen at yesterday’s close.
If the Australian dollar extends its uptrend, it is likely to face resistace around the 0.95 against the greenback, 1.03 against the loonie, 1.48 against the euro and 96.11 against the yen.