AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.65% against the USD to close at 1.0419.
LME Copper prices rose 1.1% or $81.5/MT to $7457.5/MT. Aluminium prices rose 1.1% or $20.5/MT to $1865.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0432, with the AUD trading 0.12% higher from yesterday’s close, as softer Chinese inflation data, Australia’s largest trading partner, reduced the likelihood the People’s Bank of China would tighten monetary policy, a good news for the Australian economy.
Data released this morning indicated that China’s the annual consumer price inflation eased to 2.1% in March, compared to a 3.2% rate reported last month. Also, the annual producer price index (PPI) retreated 1.9% in March, following a 1.6% drop posted in the preceding month. Separately, the National Australia Bank’s business confidence index in Australia advanced to 2.0 in March, compared to a reading of 1.0 recorded in the previous month.
The pair is expected to find support at 1.0381, and a fall through could take it to the next support level of 1.0331. The pair is expected to find its first resistance at 1.0466, and a rise through could take it to the next resistance level of 1.0501.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
