AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.39% against the USD to close at 1.0278.
LME Copper prices rose 0.1% or $12.3/MT to $8211.8/MT. Aluminium prices rose 0.3% or $6.5/MT to $2065.8/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0289, with the AUD trading 0.11% higher from yesterday’s close.
This morning, the Reserve Bank of Australia (RBA) trimmed nation’s economic growth and near term inflation forecasts for 2013, citing a slightly weaker outlook for both mining and non-mining investments, softer labour market and persistent high currency value. The central bank lowered its 2013 economic growth estimate to 2.5% compared to an earlier forecast of a 2.75% growth, however it indicated that consumer prices might increase 3.0% this year compared to a previous forecast of 3.25% rise.
Separately, in China, the merchandise trade surplus stood at $29.2 billion in January, surpassing forecast for a surplus of $24.2 billion and compared to a $31.6 billion surplus posted in the previous month. Additionally, imports and exports jumped by 28.8% and 25.0%, respectively, in January, topping market estimates.
The pair is expected to find support at 1.0250, and a fall through could take it to the next support level of 1.0210. The pair is expected to find its first resistance at 1.0335, and a rise through could take it to the next resistance level of 1.0380.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
