AUD/USD: Australia consumer inflation expectation rises in March

AUD USD

AUDUSD Movement

For the 24 hours to 23:00 GMT, AUD weakened 1.00% against the USD to close at 1.0442.

In the Asian session, at GMT0400, the pair is trading at 1.046, with the AUD trading 0.17% higher from yesterday’s close.

LME Copper prices declined 0.6% or $52.3/MT to $8476.8/ MT. Aluminium prices rose 0.4% or $9.0/MT to $2196.3/ MT.

On the economic front, consumer inflation expectation, in Australia, rose to 2.7% in March, compared to 2.5% growth in February, while new motor vehicle sales, on monthly basis, remained flat in February.

Meanwhile, Foreign Direct Investment (FDI) in China continued its decline and dropped 0.9% to $7.73 billion in February, making it fourth consecutive month decline.

The pair is expected to find support at 1.0405, and a fall through could take it to the next support level of 1.0351. The pair is expected to find its first resistance at 1.0532, and a rise through could take it to the next resistance level of 1.0604.

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

 

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