AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 0.9464.
Late Thursday, the Australian Industry Group reported that the performance of manufacturing index in Australia advanced to a reading of 53.2 in October, following a level of 51.7 registered in the earlier month.
LME Copper prices declined 0.6% or $41.5/MT to $7234.0/MT. Aluminium prices fell 0.6% or $10.5/MT to $1833.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9481, with the AUD trading 0.18% higher from yesterday’s close, after official data showed that Australia’s producer price index rose 1.3% (QoQ) in the third quarter, more than market estimate for a 0.7% rise and compared to a 0.1% increase witnessed in the preceding month. Positive sentiment was also fuelled after data from China, Australia’s largest trading partner, revealed that the NBS manufacturing PMI in the world’s second largest economy, edged up to a reading of 51.4 in October, more than analysts’ expectations for a rise to 51.2, from the previous month’s level of 51.1. The HSBC manufacturing PMI in China also rose more-than-expected to a level of 50.9 in October, following a reading of 50.1 registered in the previous month.
The pair is expected to find support at 0.9440, and a fall through could take it to the next support level of 0.9398. The pair is expected to find its first resistance at 0.9525, and a rise through could take it to the next resistance level of 0.9568.
Later today, the Reserve Bank of Australia (RBA) is scheduled to a release a report on its commodity price SDR, which is considered as an early indicator of export price changes.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
