AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.12% against the USD and closed at 0.6891.
LME Copper prices declined 1.0% or $58.0/MT to $5825.0/MT. Aluminium prices declined 0.2% or $4.0/MT to $1742.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6908, with the AUD trading 0.25% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AIG performance of manufacturing index fell to a level of 51.6 in October, compared to a level of 54.7 in the prior month. Moreover, the nation’s producer price index (PPI) rose 1.6% on a yearly basis in 3Q 2019, less than market expectations for a rise of 1.8%. The PPI had registered a rise of 2.0% in the prior quarter.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI index unexpectedly climbed at its fastest pace in 2-years to a level of 51.7 in October, defying market expectations for a fall to a level of 51.0. The PMI index had recorded a reading of 51.4 in the previous month.
The pair is expected to find support at 0.6884, and a fall through could take it to the next support level of 0.6860. The pair is expected to find its first resistance at 0.6931, and a rise through could take it to the next resistance level of 0.6954.
With no macroeconomic releases in Australia today, investors would look forward to global macroeconomic releases for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
