AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened marginally against the USD to close at 1.0564.
LME Copper prices declined 0.4% or $34.3/MT to $7910.25/MT. Aluminium prices declined 0.6% or $11.5/MT to $1990.8/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0512, with the AUD trading 0.49% lower from yesterday’s close, as Australia’s unemployment rate rose as the nation posted its worst back-to-back years of job growth since the 1997 Asian financial crisis, throwing up an obstacle in Prime Minister, Julia Gillard’s re-election bid this year.
On a seasonally adjusted basis, the unemployment rate in Australia climbed to 5.4% in December, in line with market estimates and compared to revised 5.3% rate reported in November. The consumer price inflation expectation rose to 2.0% in January, from a 1.8% rate posted last month.
The pair is expected to find support at 1.0482, and a fall through could take it to the next support level of 1.0451. The pair is expected to find its first resistance at 1.0560, and a rise through could take it to the next resistance level of 1.0607.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
