AUD/USD: Australia’s building approvals surprisingly advanced in October


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.37% against the USD and closed at 0.7572.

LME Copper prices declined 0.6% or $43.5/MT to $6756.5/MT. Aluminium prices declined 1.8% or $38.0/MT to $2062.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7589, with the AUD trading 0.22% higher against the USD from yesterday’s close.

Overnight data indicated that Australia’s seasonally adjusted building approvals registered an unexpected rise of 0.9% in October, confounding market expectations for a fall of 1.0%. Building approvals had recorded a revised rise of 0.6% in the previous month.

Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI unexpectedly advanced to a level of 51.8 in November, compared to a reading of 51.6 in the prior month, while markets were anticipating for a drop to a level of 51.4. Further, the nation’s NBS non-manufacturing PMI climbed to a level of 54.8 in November, compared to a level of 54.3 in the previous month.

The pair is expected to find support at 0.7561, and a fall through could take it to the next support level of 0.7532. The pair is expected to find its first resistance at 0.7609, and a rise through could take it to the next resistance level of 0.7628.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

This entry was posted in AUD/USD. Bookmark the permalink.

Comments are closed.