PERTH: The Australian dollar continued to be strong against the other major currencies in the Asian session on Thursday, as most Asian shares rose, following a positive reaction to the Federal Reserve’s monetary policy statement. In addition, higher commodity prices boosted resource stocks.
As was widely expected, the U.S. Federal Reserve left interest rates unchanged. The accompanying statement by the central bank included some subtle changes that point toward a near-term interest rate hike, but the Fed did not provide a specific timetable.
The oil prices rose after official data from the Energy Information Administration showed crude stockpiles in the U.S. to have declined much more than expected last week.
Crude oil for September delivery are currently up $0.10 to $48.89 a barrel.
Moreover, the surge in iron ore prices that lifted mining stocks, also supported the currency.
Meanwhile, the currency trimmed some of its gains in reaction to disappointing reports on building approvals for June and export prices data for the second quarter of 2015.
Wednesday, the Australian dollar rose 0.09 percent against the U.S. dollar, 0.13 percent against the yen and 0.14 percent against the euro.
