Aussie Moves Up Against Other Majors, Wednesday, August 01, 2007 5:56:56 PM

The aussie saw strength against the other majors on Wednesday in New York, posting its biggest gains in the later afternoon. Traders mulled data showing Australia`s trade deficit widened to a seasonally adjusted A$1.751 billion in June from a revised deficit of A$970 million in the prior month. The result topped the expected deficit of A$1.2 billion for June. Additional news stated that the Reserve Bank of Australia`s Commodity Price Index slipped 0.1% in SDR terms in July, after a revised decline of 0.9% in June.

The Australian dollar surged above a resistance level and moved to a new daily high against the greenback during late-afternoon trading on Wednesday in New York. Trading was uncertain through the morning and into the morning until about 3 p.m. ET. The aussie began to rise from there and a few hours later, it broke above resistance that had persisted since Tuesday afternoon. The pair is traded at 0.8561 at 5:40 p.m. ET.

The aussie moved up against the euro in afternoon trading on Wednesday in New York. The Australian dollar fell in the overnight hours, getting as low as 1.6163 at 2 a.m. ET. The aussie trended higher for several hours before leveling off. It added further gains with a rally that started at around 3 p.m. ET. The pair was at 1.5967 at 5:40 p.m. ET.

The aussie gained in the sterling on Wednesday in New York, breaking out of a range in the later afternoon. The currencies were range-bound until the aussie surged with a rally that started at around 3 p.m. ET and continued for the rest of the afternoon. The pair traded at 2.3728 at 5:50 p.m. ET.

Copyright © 2007 RTTNews.com. All Rights Reserved.