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by ForexNewsNow Team on August 3, 2010

AUD/USD nears 3-month high on trade surplus data

NEW YORK (Forex News Now) – The Australian dollar rose against its U.S. counterpart on Wednesday, nearing a 3-month high, after official data showed that Australia’s trade surplus widened far further than expected in June.

In late Asian currency trading, AUD/USD struck 0.9144, up 0.18 percent on the day, close to Tuesday’s 3-month high of 0.9149.

The Australian Bureau of Statistics reported earlier that the country’s trade surplus swelled to AUD 3.54 billion, up from a revised AUD 1.83 billion in May.

Global forex analysts had expected the deficit to come in at AUD 1.81 billion in June, two major forex news outlets reported.

According to forex analysis, AUD/USD was likely to touch immediate support around the low of Aug. 2, 0.9045, and encounter resistance around the high of May 4, 0.9272.

Later Wednesday, the world’s largest payroll processor, ADP, was due to publish a key monthly report on the change in the number of people employed in the U.S. private sector, which was expected to rise by about 38,000.

Elsewhere, the Aussie fell against the yen: AUD/JPY traded at 78.19, down 0.15 percent.

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