For the 24 hours to 23:00 GMT, the AUD rose 0.95% against the USD and closed at 0.7573.
Yesterday, the OECD stated that it expects Australia’s economic growth to accelerate by 2.9% in 2018 and by 3.0% next year. Further, the organisation predicted that the Reserve Bank of Australia (RBA) is likely to start lifting interest rates by the end of 2018.
LME Copper prices declined 0.46% or $31.5/MT to $6810.0/MT. Aluminium prices rose 0.24% or $5.5/MT to $2265.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7559, with the AUD trading 0.18% lower against the USD from yesterday’s close.
Early morning data revealed that Australia’s private sector credit climbed 0.4% on a monthly basis in April, meeting market expectations and compared to a rise of 0.5% in the prior month.
Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI surprisingly advanced to a level of 51.9 in May, notching its highest level since October 2017. Market participants had expected the PMI to remain steady at a level of 51.4. On the other hand, the nation’s NBS non-manufacturing PMI recorded an unexpected rise to a level of 54.9 in May, defying market consensus for the PMI to remain steady at a reading of 54.8 in the prior month.
The pair is expected to find support at 0.7500, and a fall through could take it to the next support level of 0.7441. The pair is expected to find its first resistance at 0.7601, and a rise through could take it to the next resistance level of 0.7643.
Going ahead, traders would look forward to Australia’s AiG performance of manufacturing index for May, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.