AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.14% against the USD to close at 1.0431.
Late yesterday, the Australia Industry Group’s performance of manufacturing index retreated to a reading of 40.2 in January, the lowest level since June 2009 and compared to a reading of 44.3 recorded in the prior month.
LME Copper prices declined 0.1% or $6.3/MT to $8169.0/MT. Aluminium prices rose 1.3% or $27.0/MT to $2073.3/MT.
In the Asian session, at GMT0400, the pair is trading at 1.039, with the AUD trading 0.39% lower from yesterday’s close. Data released this morning indicated that the annual producer price inflation (PPI) in Australia slowed to 1.0% in the Q4 FY2012 compared to a 1.1% rate recorded in the previous quarter.
Additionally, official manufacturing PMI in China, Australia’s biggest trading partner, unexpectedly dropped to a reading of 50.4 in January, lower than the flash reading and compared to a reading of 50.6 recorded in the previous month.
The pair is expected to find support at 1.0362, and a fall through could take it to the next support level of 1.0335. The pair is expected to find its first resistance at 1.0435, and a rise through could take it to the next resistance level of 1.0481.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
