Aussie Jumps To More Than 2-month High Against Greenback

The Australian currency edged higher against other major opponents during Thursday’s European session. The aussie thus rose to more than a 2-month high against the dollar and a 2-day high against the Canadian dollar.

Against the euro, the aussie is now trading at a high of 1.4485, compared to Asian session’s low of 1.4618. The aussie closed yesterday’s trading at 1.4527 against the euro. The aussie may target around the 1.447 level in near term, if it gains further.

Industrial orders in the eurozone rose briskly in May, official figures have shown, suggesting the manufacturing sector could be set for strong growth.

New orders rose by 3.8% compared with the previous month, considerably faster than the 0.6% growth in April. Economists had forecast a 0.1% decrease.

Beside the Eurozone industrial new orders data, U.K retail sales for June, French consumer confidence for July and the PMI reports from major eurozone economies likely influenced the 16-nation currency.

The aussie hit a 2-day high of 0.9253 against the Canadian dollar, an appreciation of 0.38%, from yesterday’s close of 0.9217. As of now, the aussie is worth 0.9244 against the loonie with 0.926 seen as the next upside target level.

The aussie advanced against its Japanese rival in European session on Thursday. The aussie-yen pair, which closed yesterday’s trading at 76.47, is now worth 77.06. On the upside, the euro may target around the 77.50 level.

The aussie-greenback pair rose to more than a 2-month high of 0.8901 at 6:45 am ET and this may be compared to 0.8785 hit at yesterday’s close. The aussie may target around the 0.941 level, if it jumps further.

The Federal Reserve Chairman Ben Bernanke said yesterday that the economic expansion that began in the middle of last year is proceeding at a moderate pace.

However, Bernanke noted the outlook remains “unusually uncertain,” and that the central bank is prepared to take additional steps to support the economy if it takes a turn for the worse.

In the upcoming hours, the U.S. weekly jobless claims for the weekended July 17, leading indicators and existing home sales-both for June are expected to garner market attention along with Federal Reserve Chairman Ben Bernanke’s second day testimony before the Senate will take center stage among investors.

At 8:30 am ET, Statistics Canada’s retail sales report for May is due.

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