During early Asian trading on Wednesday, the Australian dollar edged higher against its major rivals following a government report showed that Australia’s inflation in the fourth quarter rose more than analysts had predicted.
The Australian Bureau of Statistics reported today that the consumer price index increased 0.5 percent in the fourth quarter from the previous quarter. The CPI rose 2.1 percent from one year earlier.
Most economists were expecting CPI to rise 0.4 percent on quarter and 2.0 percent on year. The Reserve Bank of Australia’s Weighted Median CPI was up 0.7 percent in the fourth quarter compared to the quarter before, and was up 3.6 percent on year.
Earlier in the day, a report released by the Westpac Bank and Melbourne University showed that Australia’s leading Index increased to an annualized rate of 7.6 percent compared with 5.8 percent growth in October.
The coincident index, which measures current economic activity, increased at an annualized rate of 0.5 percent in November, compared to October’s flat reading.
The Australian dollar climbed to a 7-week high of 1.2759 against the NZ dollar by 7:40 pm ET, compared to 1.27 hit late New York Tuesday. The aussie-kiwi pair is presently worth 1.2755 with 1.2840 seen as the next likely resistance level.
Against the euro, the Australian currency advanced to a 5-day high of 1.5595 at this time and this may be compared to yesterday’s close of 1.5667. If the domestic unit gains further, it may challenge resistance near the 1.5570 level. The euro-aussie pair is presently quoted at 1.5615.
The Australian dollar rose to near a 2-week high of 0.9604 against the Canadian dollar at 7:40 pm ET and moving a few pips up may push the pair to its strongest level in more than 2 weeks. The aussie-loonie pair, which closed yesterday’s deals at 0.9553, is presently quoted at 0.9586.
The Australian dollar also drifted higher to 0.9035 against the US dollar and 81.03 versus the Japanese yen before holding steady around 7:30 pm ET. The aussie that closed yesterday’s deals at 0.8987 against the greenback and 80.57 versus the yen is currently quoted at 0.9020 and 80.82, respectively.
The Japanese merchandise trade surplus widened to JPY 545.3 billion in December, the Ministry of Finance data showed today, compared to a revised 371.3 billion yen in the previous month. Analysts had expected JPY 610.0 billion surplus in the month.
Exports rose 12.1 percent in December from a year earlier, while the imports edged down 5.5 percent.
Looking ahead, the two-day monetary policy meeting of the US Federal Reserve began on Tuesday and will conclude in the afternoon. Analysts forecast the Fed’s federal-funds interest rate to remain at the range of zero to 0.25%.
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Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to one line of players. Why? Because I was happy to discover how well-designed and fun to use the underappreciated (and widely mocked) Zunes are.
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Apple now has Rhapsody as an app, which is a great start, but it is currently hampered by the inability to store locally on your iPod, and has a dismal 64kbps bit rate. If this changes, then it will somewhat negate this advantage for the Zune, but the 10 songs per month will still be a big plus in Zune Pass’ favor.
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Zune and iPod: Most people compare the Zune to the Touch, but after seeing how slim and surprisingly small and light it is, I consider it to be a rather unique hybrid that combines qualities of both the Touch and the Nano. It’s very colorful and lovely OLED screen is slightly smaller than the touch screen, but the player itself feels quite a bit smaller and lighter. It weighs about 2/3 as much, and is noticeably smaller in width and height, while being just a hair thicker.
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