AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.10% against the USD to close at 1.0490.
LME Copper prices rose 0.8% or $61.0/MT to $ 7580.5/ MT. Aluminium prices rose 0.6% or $11.0/MT to $ 1862.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0492, with the AUD trading marginally higher from yesterday’s close.
In Australia, AiG performance of manufacturing index fell by 6.9 points to 40.3 in July, lowest reading in three year. Separately, house price index unexpectedly rose 0.5% (QoQ) in the second quarter of 2012, against the market expectation of a 0.5% contraction.
In China, official purchasing managers’ index (PMI) manufacturing inched down to 50.1 in July, from 50.2 in June, marking the lowest reading since November. Additionally, the HSBC flash PMI rose to a final reading of 49.3 in July, compared with 48.2 in June, and slightly below preliminary estimate of 49.5.
The pair is expected to find support at 1.0458, and a fall through could take it to the next support level of 1.0424. The pair is expected to find its first resistance at 1.0532, and a rise through could take it to the next resistance level of 1.0572.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
