AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, AUD weakened 0.69% against the USD to close at 1.0733.
In the Asian session, at GMT0400, the pair is trading at 1.0711, with the AUD trading 0.21% lower from Friday’s close, amid weak Australian economic data and after country’s biggest trading partner, China stated that it would aim for slower growth in 2012.
This morning, Australian Industry Group’s Performance of Services Index fell to 46.7 in February, compared to 51.9 in January, showing contraction in service sector. Additionaly, Australia TD Securities Inflation rose 2.0% (YoY) in February, as compared to a rise of 2.2% in January. Seperately, The ANZ job advertisements recored a growth of 3.3% in February as compared to 7.5% in January.
Meanwhile, Chinese Premier, Wen Jiabao, stated that the nation aims to grow its economy by about 7.5% in 2012 and sees inflation running at around 4.0% for the year.
Separately, the private-sector HSBC China Services Purchasing Manager Index rose to a seasonally adjusted 53.9 in February, from 52.5 in January.
LME Copper prices rose 0.3% or $6.8/MT to $2295.3/ MT. Aluminium prices rose 0.1% or $5.0/MT to $8574.8/ MT.
The pair is expected to find support at 1.0677, and a fall through could take it to the next support level of 1.0644. The pair is expected to find its first resistance at 1.0771, and a rise through could take it to the next resistance level of 1.0831.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
