Australian dollar buoyant versus yen, shrugs off soft data ahead of GDP
SYDNEY, Sept 3 (Reuters) -The Australian dollar was buoyant on Tuesday after gaining on the Japanese yen, while shrugging off another fall in iron ore prices and local data that highlighted the softness of economic growth.
The Aussie eased 0.2% to $0.6776 AUD=D3, having gained 0.4% overnight to as high as $0.6794. Major resistance lies at $0.6824, the peak from last week, while support is around $0.6752.
It was in part due to a 0.9% gain on the Japanese yen overnight AUDJPY=R to 99.76, although it stopped short of breaking the 200-day moving average of 99.98 yen.
The kiwi dollar NZD=D3 had less luck, easing 0.1% to $0.6217, the lowest in a week, extending a 0.2% drop overnight.
"The Aussie was generally quite well-bid overnight even though it is still shy of a level that we breached last week," said Ray Attrill, head of FX strategy at the National Australia Bank.
"There's nothing in the news flow that's Aussie specific that I would say is positive. There was nothing in the GDP parcels that we have had so far... the risks of an upside surprise in GDP tomorrow don't seem to be there."
Indeed, data out on Tuesday showed government spending was the main driver of economic growth last quarter, adding 0.4 percentage points (ppts), while net exports added just 0.2 ppts to growth, versus expectations of a 0.6 ppt contribution.
All up, that still presented some downside risk for the gross domestic product (GDP) report due on Wednesday, which economists were tipping for an already meagre 0.3% quarterly growth. A negative print could move the dial on rates.
Markets are pricing in a one-in-three chance of an easing in November, and around a 72% probability of a move in December, in part because almost all of the RBA's peers are likely to be well into easing campaigns by then. 0#RBAWATCH
Adding to the negative news flow was another tumble in the Dalian iron ore futures, which fell more than 3% on Tuesday. They already fell 4%on Monday,weighed down by a batch of dismal economic data from top consumer China.
Reporting by Stella Qiu; Editing by Kim Coghill
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