During early Asian deals on Tuesday, the Australian dollar climbed to a 5-day high against its Canadian counterpart. The aussie also showed strength against the currencies of US, Europe and Japan.
Credit issued to the private sector in Australia was up 5.4 percent on year in February, the Reserve Bank of Australia said today, versus expectations for a 5.8 percent increase after a flat performance in January.
Against the US dollar, the Australian currency traded higher during early Asian deals on Tuesday. At 10:15 pm ET, the aussie-dollar pair reached a high of 0.6877, compared to 0.6817 hit late New York Monday. If the pair gains further, 0.701 is seen as the next target level.
The Australian dollar that closed Monday's North American session at 1.9374 against the European currency climbed to 1.9269 at 11:05 pm ET. The next upside target level for the Australian currency is seen around 1.915.
Against the Japanese yen, the Australian currency edged higher during Tuesday's early Asian deals. At 10:15 pm ET, the aussie-yen pair hit a high of 67.50, compared to Monday's closing value of 66.31. On the upside, 69.4 is seen as the next target level for the pair.
The yen weakened across the board after a government report revealed that Japan's jobless rate rose a 3-year high.
Japan's seasonally adjusted unemployment rate came in at 4.4 percent in February, the Ministry of Health, Labor and Welfare said today - slightly higher that forecasts for a 4.3 percent increase after the 4.1 percent increase in January.
The Australian dollar showed strength against its Canadian counterpart during today's early Asian trading. The aussie-loonie pair is currently trading at a 5-day high of 0.8647 with 0.876 seen as the next target level. The pair closed Monday's North American session at 0.8608.
Investors expect a raft of economic reports in the upcoming session, including the German unemployment rate for March, French housing starts for February, Italian retail sales for January, Italy's preliminary inflation and the euro-zone CPI estimate-both for the month of March.
Across the Atlantic, the S&P/Case-Shiller home price index, which tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S., is scheduled to be released at 9 AM ET. Economists expect an 18.5% year-over-year decline in the 20-city composite house price index for January.
The Conference Board is scheduled to release its consumer confidence report for March at about 10 am ET. The survey, which is based on a survey of 5,000 US households, is expected to show that the consumer confidence index remained rise to 27 in March.
The results of the National Association of Purchasing Management-Chicago's business survey for March are scheduled to be released at 9:45 AM ET. Economists expect the business barometer index based on the survey, to be at 34.7.
Philadelphia Federal Reserve Bank President Charles Plosser is scheduled to deliver a speech on regulatory reform to the University of Chicago Booth School of Business at 1 PM ET.
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