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