Australian dollar came off almost three-year lows against its US peer on Friday, as market players supported the Aussie.
AUD/USD pair traded at 0.9245 at 6:18 GMT, up by 0.50% for the day. Support was expected at 0.9228, while resistance was to be encountered at June 20th high, 0.9363.
Australian dollar achieved this result despite that HSBC said on Thursday it saw Australian currency falling 88 cents against the greenback by June 2014. Goldman Sachs was another bank to recently trim its forecast on the Australian dollar.
On Thursday it was reported that China’s HSBC preliminary manufacturing purchasing managers’ index slid to a nine-month low at 48.3 during June from 49.2 in May. New orders indicator fell, signaling a deepening slow down in Chinese manufacturing. This news laid its mark on the Aussie, as China is Australias largest export partner.
Meanwhile, yesterday data showed that US existing home sales rose by 4.2% during May, reaching annual number of 5.18 million and marking the highest value since November 2009. Preliminary estimates showed annual value of 5.00 million homes, while during April the sales indicator stood at 4.97 million.
In addition, the Philadelphia FED Index reached 2-year high in June, rising sharply to a level of 12.5 from -5.2 in May.
Ultimately, The Department of Labor in the United States announced that Initial Jobless Claims rose by 18 000 to seasonally adjusted 354 000 during the week ending on June 15th, significantly mismatching expectations of a rise only by 4 000 to 340 000 claims. During the previous week the result was revised up to 336 000 from 334 000.
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