AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.35% against the USD and closed at 0.7528.
LME Copper prices declined 1.1% or $61.0/MT to $5685.0/MT. Aluminium prices declined 0.03% or $0.5/MT to $1907.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7568, with the AUD trading 0.53% higher against the USD from yesterday’s close, after early morning data indicated that number of people employed in Australia increased more-than-expected by 60.9K in March, rising by the most since October 2015, thus offering signs of recovery in Australia’s labour market. Investors had envisaged for an advance of 20.0K, following a revised gain of 2.8K in the prior month.
Additionally, the nation’s seasonally adjusted unemployment rate remained steady at 5.9% in March, in line with market expectations. Moreover, the nation’s consumer inflation expectations rose to 4.1% in April, after recording a reading of 4.0% in the prior month.
Elsewhere, China, Australia’s largest trading partner, registered a more-than-expected trade surplus to a level of CNY164.34 billion in March, compared to market consensus for the nation to record a surplus of CNY75.80 billion and following a deficit of CNY60.36 billion in the previous month. Further, the nation’s exports jumped by 22.3% YoY in March, surpassing market expectations for an advance of 8.0%. In the prior month, exports had registered a gain of 4.2%. Also, imports advanced more-than-estimated by 26.3% in March, following a gain of 44.7% in the preceding month.
The pair is expected to find support at 0.7500, and a fall through could take it to the next support level of 0.7433. The pair is expected to find its first resistance at 0.7604, and a rise through could take it to the next resistance level of 0.7641.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
