AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.06% against the USD to close at 0.9268.
LME Copper prices rose 0.2% or $ 15.0/MT to $ 7025.5/MT. Aluminium prices rose 0.4% or $ 8.0/MT to $ 2040.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9279, with the AUD trading 0.12% higher from yesterday’s close.
Data released early morning indicated that, the Westpac consumer confidence in Australia rose 3.8% to a level of 98.5 in August, up from a level of 94.9, recorded a month earlier. Additionally, the wage price index in Australia rose 2.6% on an annual basis in 2Q 2014.
Meanwhile, China, Australia’s biggest trading partner, registered a rise of 6.7% (Y-o-Y) in its M1 money supply, compared to an 8.9% rise in the previous month. Markets had expected it to climb 8.6%. Meanwhile, the aggregate financing in China fell to a level of CNY 273.1 billion in July, compared to a level of CNY 1,974.5 billion in the previous month. Market anticipations were for the aggregate financing to ease to a level of CNY 1,500.0 billion.
The pair is expected to find support at 0.9256, and a fall through could take it to the next support level of 0.9234. The pair is expected to find its first resistance at 0.9295, and a rise through could take it to the next resistance level of 0.9312.
Amid lack of economic releases from Australia today, investor sentiment would be governed by global events/news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
