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AUD/USD Steady as Australian Corporate Profits Swell in 3Q

AUD/USD Steady as Australian Corporate Profits Swell in 3Q

Ilya Spivak, Bradley Kearns,

Talking Points:

  • Australian Corporate Profits Rise 1.3% in 3Q, Topping Bets on 1% Gain
  • Inventories Grew 0.1%, Beating Estimates But Marking Slowdown vs. 2Q
  • Aussie Dollar Little-Changed as Traders Await RBA Policy Announcement

Macroeconomic events affect currency valuations. Stay updated with major releases on our calendar.

The Aussie Dollar failed to find support as profits from Australian corporations increased in the third quarter. Quarter-over-quarter earnings swelled by 1.3 percent, which was better than the expected 1 percent increase and marked recovery after a 0.5 percent contraction in the three months to June.

Companies’ inventories data came in slightly better than the markets’ forecast. Stockpiles grew 0.1 percent in the third quarter, topping bets on a flat result but registering weaker than the 0.2 percent gain in the previous period.

The Aussie’s tepid reaction may have reflected traders’ unwillingness to commit to a directional bias ahead of the upcoming RBA monetary policy announcement. The central bank is seen keeping the benchmark lending rate at 2 percent but the accompanying statement may carry market-moving forward guidance.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.