AUDUSD Movement
On Friday, the AUD weakened 0.66% against the USD to close at 0.9044.
LME Copper prices rose 0.40% or $27.0/MT to $6856.0/MT. Aluminium prices rose 0.32% or $ 6.5/MT to $ 2008.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9009, with the AUD trading 0.39% lower from Friday’s close.
Over the weekend, in China, Australia’s biggest trading partner, the industrial production growth slowed to its lowest level since 2008. The industrial production advanced 6.9% on a YoY basis in August, less than market expectations for an advance of 8.8%, following a rise of 9.0% in the prior month. Additionally, retail sales in the nation grew 11.9%, on an annual basis in August, less than market expectations for an advance of 12.1% and compared to a rise of 12.2% registered in the prior month. Meanwhile, the nation’s fixed assets investment excluding rural YTD registered a rise of 16.5% in August, compared to a rise of 17.0% in the prior month.
Earlier today, data from Australia indicated that the seasonally adjusted new motor vehicle sales of the nation slid 1.8%, on a monthly basis in August, compared to a revised drop of 1.5% in the prior month.
The pair is expected to find support at 0.8972, and a fall through could take it to the next support level of 0.8935. The pair is expected to find its first resistance at 0.9073, and a rise through could take it to the next resistance level of 0.9137.
Going forward, investors await the RBA’s minutes of its latest monthly policy meeting, scheduled to release early tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
