AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.27% against the USD to close at 1.0213.
Yesterday, the Reserve Bank of Australia kept its key interest rate unchanged at 3.50%, in line with market expectations.
LME Copper prices declined 0.1% or $9.0/MT to $7640.3/MT. Aluminium prices rose 2.5% or $47.8/MT to $1927.3/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0212, with the AUD trading flat from yesterday’s close.
This morning, in Australia, gross domestic product, on a seasonally adjusted basis, rose 0.6% (QoQ) in the second quarter of 2012, missing forecasts for an increase of 0.8%, and following the upwardly revised gain of 1.4% in the first quarter of 2012. Separately, the AIG performance of services index in Australia declined to 42.4 in August, from 46.5 in July.
Meanwhile in China, the HSBC services Purchasing Managers’ Index (PMI) fell to 52.0 in August, from 53.1 in July.
The pair is expected to find support at 1.0172, and a fall through could take it to the next support level of 1.0132. The pair is expected to find its first resistance at 1.0270, and a rise through could take it to the next resistance level of 1.0328.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
