AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.17% against the USD to close at 0.9029.
LME Copper prices declined 0.09% or $6.0/MT to $6850.0/MT. Aluminium prices declined 2.49% or $50.0/MT to $1958.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9035, with the AUD trading 0.07% higher from yesterday’s close.
Earlier today, the minutes of the RBA’s latest policy meeting indicated that the nation’s business conditions have improved and there are evidences that suggest that growth in non-mining business investment would pick up modestly over the coming quarters. However, the minutes offered no clues on the timing of its next interest rate move.
Separately, the RBA Assistant Governor, Christopher Kent, opined that he is optimistic that the new business investment would boost Australia’s economic growth. He further mentioned that a decline in the domestic currency would support demand for local producers that compete with imports.
Elsewhere, in China, Australia’s biggest trading partner, the actual FDI registered a drop of 14.0% on an annual basis, in August, compared to a drop of 17.0% in the prior month.
The pair is expected to find support at 0.8996, and a fall through could take it to the next support level of 0.8956. The pair is expected to find its first resistance at 0.9063, and a rise through could take it to the next resistance level of 0.9090.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
