For the 24 hours to 23:00 GMT, AUD strengthened 0.45% against the USD to close at 0.8844.
LME Copper prices declined 0.1% or $5.0/MT to $7327.0/MT. Aluminium prices rose 0.3% or $4.5/MT to $1747.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8795, with the AUD trading 0.55% lower from yesterday’s close. Earlier today, the Melbourne Institute reported that the consumer inflation expectation in Australia rose to 2.3% in December, compared to previous month’s level of 2.1%. Separately, a report from China, Australia’s largest trading partner, indicated that the HSBC manufacturing PMI in the nation unexpectedly declined to a reading of 49.6 in January, from a level of 50.5 registered in the previous month. Another report from the Conference Board of China revealed that the leading economic index in the nation rose 0.4% to 278.8 in December, slower than previous month’s 1.3% rise.
The pair is expected to find support at 0.8757, and a fall through could take it to the next support level of 0.8720. The pair is expected to find its first resistance at 0.8861, and a rise through could take it to the next resistance level of 0.8928.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
