AUD/USD: RBA left its key interest rate unchanged for the 11th consecutive month


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.26% against the USD and closed at 0.8002.

LME Copper prices rose 1.0% or $64.0/MT to $6347.0/MT. Aluminium prices rose 0.6% or $12.0/MT to $1904.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.8033, with the AUD trading 0.39% higher against the USD from yesterday’s close.

Earlier in the session, the Reserve Bank of Australia (RBA), at its latest monetary policy meeting, kept its benchmark interest rate steady at 1.5%, in line with market expectations.

On the data front, Australia’s AiG performance of manufacturing index advanced to a level of 56.0 in July, following a level of 55.0 in the prior month.

Elsewhere, in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI index unexpectedly rose to a level of 51.1 in July, hitting a 4-month high level and defying market consensus for the PMI to remain steady at a level of 50.4.

The pair is expected to find support at 0.7982, and a fall through could take it to the next support level of 0.793. The pair is expected to find its first resistance at 0.8064, and a rise through could take it to the next resistance level of 0.8094.

Going forward, Australia’s building approvals data for June, set to be released in the early hours’ tomorrow, will keep investors on their toes.

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

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