AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.10% against the USD to close at 1.0206.
LME Copper prices declined 2.7% or $207.5/MT to $ 7620.5/MT. Aluminium prices declined 2.3% or $45.5/MT to $1914.5/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0124, with the AUD trading 0.80% lower from Friday’s close, amid weak Australian CPI and building permits data.
This morning, TD Securities reported that the annual consumer price inflation in Australia eased to 2.4% in February, compared to a 2.5% rate reported in January. Meanwhile, the seasonally adjusted total building permits declined 2.4% (MoM) in January, compared to a revised 1.7% decline posted last month.
Meanwhile, China’s non-manufacturing purchasing managers’ index fell to a reading of 54.5 in February, compared to a reading of 56.2 reported in the previous month.
The pair is expected to find support at 1.0079, and a fall through could take it to the next support level of 1.0034. The pair is expected to find its first resistance at 1.0206, and a rise through could take it to the next resistance level of 1.0288.
All eyes are on the Reserve Bank of Australia interest rate decision due tomorrow, with traders facing conflicting cues over the likelihood of another interest rate cut.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
