By FX Empire.com
The Australian dollar returned to record more gains versus the American counterpart as Australia’s economy recovers with the rebound in the industrial sector alongside the government’s efforts to support the economy.
Meanwhile, Aussie increased sharply versus its major counterpart the US dollar as the Australian economy reported positive employment data, which confirmed the nation’s recovery.
Australia’s dollar advanced against its U.S. counterpart by the most in three weeks as global stocks rose amid increased demand for riskier assets.
On the other hand, the market rebounded as Slovakia is set to approve Europe’s enhanced bailout fund this week, completing the ratification across the 17 euro countries, increasing demand for higher yielding currencies.
The Australian economy is to end the week without any fundamental data, while at 12:30 GMT, the U.S. economy will issue the Import Price Index for September, where it had a previous reading of – 0.4% and expected to come at – 0.5%, while the annual Import Price Index had a prior reading of 13.0%.
The Advance Retail Sales for September will be also due at 12:30 GMT as the index is expected to rise moderately by 0.2% less autos after 0.1% gain in August and excluding gas and auto sales are also expected with 0.2% rise after 0.1%.
At 13:55 GMT the University of Michigan confidence for October is expected with a rise to 60.0 from 59.4; and finally at 14:00 GMT Business Inventories for August are expected to hold at 0.4%.
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