SYDNEY, May 31. The Australian dollar has ignored published Tuesday weak economic data and increased slightly against the backdrop of positive developments in Greece.The Australian dollar rose early in the session after reports of the newspaper Wall Street Journal, referring to well-informed sources, Germany's intentions to cease its efforts to support the postponement of the maturity of Greek bonds, to promote a new package of credit assistance to that country.
Export companies and the country's currency received additional support against the backdrop of the fall of the yen after the news agency Moody's Investors Service that it was studying the debt rating of Aa2 to the Government of Japan for possible downgrade.
As at 06.30 GMT on a pair of the Australian dollar / US dollar was trading at 1.0700 against 1.0680 on Monday evening. A pair of Australian dollar / Japanese yen was trading at 87.175 against 86.30.
The Australian currency rose to a session peak of 1.0756 U.S. dollars before fell to the background of technical factors and the output of alarm messages on the current account deficit a day before the report on GDP growth, which riveted attention.
According to data provided Tuesday by the Australian Bureau of Statistics, the export volume in 1 st quarter decreased by 8.7%, which would reduce economic growth of 2,4%. Reduction of the Australian economy in the 1 st quarter will be the worst in 20 years after the series of natural disasters had a negative impact on the export of such important sectors as coal mining.
"The economy is likely to be a significant step back in time the negative consequences caused by natural disasters" that have taken place in Australia earlier this year, "says Besa Santa, senior economist at St. George Bank.
Along with the alarming news in the housing sector, export data bit not coincide in time with the market as to when to expect the next interest rate increase of the Reserve Bank of Australia. Some economists, however, warn that you should not pay too much attention to go during the day data.
"It's all about - the lack of resources in the labor market and capital and the subsequent rise in inflationary pressures in 2012 and later. We continue to believe that in August and November interest rate will be raised by 25 basis points," - said Annette Beacher, the head of research on the Asia-Pacific TD Securities in Singapore.
