Antipodean Currencies Rise As Traders Await Major Economic Data

The Australian dollar strengthened against other major currencies in the Asian session on Thursday. as traders await a slew of crucial economic data, including reports on U.S. personal income and spending in July.

The New Zealand dollar started trading higher after the release of New Zealand business confidence soared to a decade high in August.

Data from the ANZ Bank survey showed that the New Zealand's business confidence jumped in August to the highest level in a decade as forward-looking activity indicators rose strongly. The business confidence surged 23 points to a decade-high level of +51 in August, while expectations for activity at their own firms increased by 21 points to +37.

In other economic news, data from the Australian Bureau of Statistics showed that Australia's capital expenditure declined unexpectedly in the second quarter. Private new capital expenditure decreased 2.2 percent from the previous quarter, confounding expectations for an increase of 0.9 percent. This follows a 1.9 percent rise in the first quarter.

On a yearly basis, total capital expenditure was up 0.3 percent in the June quarter.

In the Asian trading now, the Australian dollar rose to nearly a 1-1/2-month high of 1.6353 against the euro and a 6-day high of 98.55 against the yen, from yesterday's closing quotes of 1.6387 and 98.10, respectively. If the aussie extends its uptrend, it is likely to find resistance around 1.60 against the euro and 105.00 against the yen.

Against the Canadian dollar, the aussie advanced to a 3-day high of 0.9164 from yesterday's closing value of 0.9146. The aussie is likely to find resistance around the 0.93 region.

The aussie edged up to 0.6812 against the U.S. dollar, from Wednesday's closing value of 0.6785. On the upside, the AUD/USD pair may find its resistance level around the 0.69 region.

The New Zealand dollar rose to nearly a 9-month high of 0.6299 against the U.S. dollar and nearly a 2-1/2- month high of 1.079 against the Australian dollar, from yesterday's closing quotes of 0.6245 and 1.0867, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.64 against the greenback and 1.06 against the aussie.

Against the euro and the yen, the kiwi advanced to nearly a 2-month high of 1.7685 and nearly a 1-month high of 91.17 from Wednesday's closing quotes of 1.7810 and 90.24, respectively. The kiwi may test resistance around the 1.75 against the euro and 95.00 against the yen.

Looking ahead, the European Commission is set to issue euro area economic sentiment survey data for August at 5:00 am ET in the European session.

At 8.00 am ET, Destatis publishes Germany's flash consumer and harmonized prices for August. Consumer price inflation is seen at 2.1 percent, down from 2.3 percent in July.

In the New York session, Canada average weekly earnings for June, current account data for the second quarter, U.S. weekly jobless claims, GDP growth rate for the second quarter and pending home sales data for July are slated for release.

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