AUD/USD: RBA keeps key interest rate steady at 1.50%


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.67% against the USD and closed at 0.7650.

LME Copper prices rose 1.78% or $121.0/MT to $6935.0/MT. Aluminium prices rose 4.85% or $107.5/MT to $2324.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7631, with the AUD trading 0.25% lower against the USD from yesterday’s close.

Earlier today, the Reserve Bank of Australia (RBA), at its June monetary policy meeting, opted to keep the benchmark interest rate steady at 1.50%, meeting market expectations.

Overnight data indicated that Australia’s AIG performance of services index climbed to a level of 59.0 in May. The index had registered a level of 55.2 in the previous month.

Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI index remained steady at a level of 52.9 in May, at par with market expectations.

The pair is expected to find support at 0.7596, and a fall through could take it to the next support level of 0.7561. The pair is expected to find its first resistance at 0.7666, and a rise through could take it to the next resistance level of 0.7701.

The currency pair is trading between its 20 Hr and 50 Hr moving averages.

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