AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.10% against the USD to close at 0.7228.
LME Copper prices rose 1.15% or $52.5/MT to $4620.0/MT. Aluminium prices rose 2.19% or $32.0/MT to $1494.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7294, with the AUD trading 0.91% higher from yesterday’s close.
Early morning data showed that Australia’s job market added a staggering 71.4K net new jobs in November, compared to a revised advance of 56.1K in the previous month and defying forecasts for a drop of 10.0K, pushing the nation’s unemployment rate down to 5.8% in November, the lowest since May 2014, from 5.9% in the previous month. Market participants had predicted it to tick higher to a level of 6.0%. Nonetheless, this surprise acceleration in job growth is expected to further erode the possibility of a cash rate cut at the RBA’s 2016 February board meeting.
In other economic news, consumer inflation expectations in Australia rose to a level of 4.0% in December, after recording a reading of 3.5% in the previous month.
The pair is expected to find support at 0.7198, and a fall through could take it to the next support level of 0.7102. The pair is expected to find its first resistance at 0.7364, and a rise through could take it to the next resistance level of 0.7433.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
