The Australian dollar moved higher against its U.S. counterpart on Thursday, after upbeat employment data from Australia, while a disappointing report on New Zealand economic growth pushed the local currency lower.
AUD/USD gained 0.33% to 0.7614, just off the previous sessionвЂ™s three-month high of 0.7638.
The Australian Bureau of Statistics reported that the number of employed people rose by 42,000 in May, beating expectations for a 10,000 gain.
The number of employed people increased by 46,200 in April, whose figure was revised from a previously estimated 37,400 rise.
The unemployment rate ticked down to 5.% last month from 5.7% in April, compared to expectations for an unchanged reading.
NZD/USD dropped 0.67% to trade at 0.7221, after climbing to a four-month peak of 0.7323 on Wednesday.
Statistics New Zealand said on Thursday that gross domestic product rose 0.5% in the first quarter, confounding expectations for a 0.7% growth rate, after an increase of 0.4% in the three months to December.
Year-on-year, the New Zealand economy grew 2.5% in the first quarter of 2017, disappointing forecasts for a 2.7% growth rate.
In the U.S., the Federal Reserve raised interest rates from 1.00% to 1.25%, in a widely expected move on Wednesday. However, disappointing U.S. inflation data released the same day raised questions about whether the central bank will be able to hike rates again later this year.
The greenback also remained vulnerable amid ongoing U.S. political turmoil. The Washington Post reported on Wednesday that U.S. President Donald Trump is being investigated by special counsel Robert Mueller for possible obstruction of justice.
The U.S. dollar index, which measures the greenbackвЂ™s strength against a trade-weighted basket of six major currencies, was up 0.10% at 97.01, off the previous sessionвЂ™s seven-month low of 96.31.
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GAELIC FOOTBALL IS reaping the benefits of its players playing professionally, according to Tadhg Kennelly.
The former Sydney Swans star landed in Ireland on Thursday, and at the weekend ran the AFL’s third international recruitment camp in DCU.
Kennelly said: “When you go into a professional environment, you understand that this professionalism needs to be part of you when you go back to play as a Gaelic footballer.
“You’ve had Colm Begley come back, Ciaran Kilkenny, Brendan Murphy, Michael Quinn every one of them playing intercounty football. Niall McKeever’s back for Antrim this year.
Mayo’s minor winning captain Stephen Coen and Westmeath’s Israel Ilunga tried out along with Evan O’Carroll, Ciaran O’Hanlon and Conor McKenna, all of whom shone throughout the All-Ireland minor championship this year.
“What we’ve got here is 22 of the best 18-year-olds in the country on trial,” Kennelly said.
“There’s seven AFL clubs who have flown recruiters over and they’re going to get a look at the lads over the next two days and basically decide from there whether they’re going to invite them over, do some more testing, and perhaps do what they did with Daniel Flynn.”
Flynn, who broke onto the Kildare senior panel last year, was scouted through Kennelly’s two-day camp and was recently drafted by Port Adelaide.
The Johnstownbridge man was among the top 20-metre sprinters of all time when tested at an AFL combine alongside the best 18-year-old Australians in October.
Daniel Flynn with Kennelly and Ken Hinckley at Port Adelaide (Image: Port Adelaide FC)
In last year’s Championship 17 players with AFL experience were on inter-county panels with ten scoring a combined total of 1-39. In the last five years, five All-Stars have been awarded to former AFL players.
“Realistically you’re never going to get more than one, max two players from Ireland. Two years ago we had none, this year we had a couple of lads picked up.
There were 3 Irishmen signed as International rookies recently. Port Adelaide tied down Flynn while Carlton signed Louth youngster Ciaran Byrne and Cork’s Ciaran Sheehan.
AFL Premiership runners-up Freemantle can hold onto another Kildare star, Sean Hurley until 16 December, after which they must decide whether or not to offer him a contract.
Kennelly’s thoughts will be closer to home for the next week though as his club Listowel Emmets line out in the North Kerry Championship final next Sunday.
The only man with an AFL Premiership and All-Ireland senior championship medal is aiming to help the club to their 14th title.
“I’m home for the next 10 days or so, and the club are out in the Championship final on Sunday, we’ll see how it goes.”GAA needs to handle pay-per-view talk carefully, Dubs warn
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The Australian dollar was able to quickly turn sentiment on the back of a stronger than expected consumer price index report. Australia reported that headline CPI rose 0.8% quarter over quarter in the fourth quarter compared to the 0.4% the market expected. The year over year pace increased to 2.4% from 2.2%. The consensus had looked for a decline to 2.1%.
The core inflation measure, known as the trim mean measure, increased by 0.9% quarter over quarter and 2.6% year over year, which represents a 2-year high for core inflation. The market had previously appeared to have discounted almost a 50% chance of an RBA rate cut in during the first quarter which has now been wiped out.
In Japan the BOJ meeting concluded with no change in policy and Governor Kuroda’s press conference failed to provide much fresh news for market participants to absorb. The dollar has been largely confined to yesterday’s ranges against the yen.
The minutes from the BoE meeting earlier this month showed a greater recognition that the economy’s spare capacity may be limited, which would seem to warn of the risk of upward pressure on prices. The UK reported that the ILO measure of unemployment fell to 7.1% from 7.4% in November. Which could generate wage pressures.
The AUDUSD bottomed just below 0.88 and is testing resistance near the 10-day moving average near 0.8870. Momentum has quickly changed with the MACD generating a buy signal where the spread (the 12-day moving average minus the 26-day moving average) crossed above the 9-day moving average of the spread. The RSI is climbing with price action reflecting accelerating momentum while printing near 45, which is on the lower end of the neutral range.
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The Reserve Bank of Australia kept its cash rate unchanged at 2.00% for the fifth month today following its October meeting. The decision was widely expected but a surprise rate cut of 0.25% had not been ruled out given the weakening growth outlook for Australia’s largest trading partner, China.
In its statement, which was very similar to the September statement, the RBA noted that “some further softening conditions in China and east Asia” and lower commodity prices had led to a fall in Australia’s terms of trade. The central bank expects the Australian economy to run with some spare capacity for some time, while inflationary pressures are currently contained. Therefore, monetary policy needs to remain “accommodative”, signalling its willingness to ease policy further in the future.
After repeatedly talking down the Australian dollar earlier in the year, Governor Glenn Stevens maintained his more neutral stance since the previous meeting. Stevens said the currency “is adjusting to the significant declines in key commodity prices”, repeating the line from the September statement.
Trade data released before the RBA decision showed Australia’s trade deficit widening to AU$3.1 billion in August from AU$2.8 billion in July. The figure was worse than the AU$2.4 billion expected and shows that Australia is struggling to rebalance its economy from commodity-based exports to manufactured goods. With the slowdown in China now spreading to other emerging market economies, commodity prices are likely to fall further or remain depressed for some time yet. This could impact Australian exports further, putting pressure on the Australian dollar.
However, the majority of analysts expect the RBA to keep rates on hold for the rest of the year as it waits to see the impact of its two 0.25% cuts earlier this year. With rates already at a record low and annual growth running at a satisfactory 2%, the RBA will likely want to keep some ammunition in its arsenal should the outlook deteriorate significantly.
The Australian dollar, which has spent much of the year setting new 6½ -year lows, rose after the RBA’s decision. The aussie jumped to a high of 0.7133 against the US dollar from 0.7076 before the announcement, but later settled to around 0.7115 by mid-European session. Against its New Zealand counterpart, the aussie rose to 1.0976 before easing slightly to 1.0956.Previous Posts Previous Posts Categories Investment Research
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