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Aussie Gains On NAB Business Surveys, China Industrial Output Ahead

11/14/2017, 9:50:36 AMMarket Analysis
Aussie Gains On NAB Business Surveys, China Industrial Output Ahead

 The Aussie gained in Asia on Tuesday on solid gains in business sentiment with figures from China ahead on industrial output and retail sales that could further set the tone for the currency as a top trading partner with Australia.

USD/JPY rose 0.05% to 113.68, while AUD/USD gained 0.04% to 0.7626. GBP/USDedged up 0.08% to 1.3125.

Australia reported the NAB business confidence review rose to plus-8 from plu-7 for October and the NAB business survey jumped to 21 from 14.

In China, fixed-asset investment is due with a reading of a 7.4% gain seen in October on year, along with industrial production seen up 6.3% and retail sales with a 10.4% gain expected.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.11% to 94.40.

Overnight, the dollar traded higher against a basket of currencies on Monday buoyed by a slump in sterling amid reports that UK Prime Minister Theresa May is set to face a leadership challenge while positive comments on tax reform from President Donald Trump lifted sentiment on the greenback.

Sterling slump to one-week lows against the dollar amid reports that dozens of members from British Prime Minister Theresa Conservative party had agreed to sign a letter of no-confidence in her as some members doubted May's ability to lead the UK into a successful Brexit.

Also adding to the dollar strength were tweets from President Donald Trump in which he said that he was “proud” of lawmakers for getting “close” to approving a tax bill