AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.56% against the USD to close at 0.8814.
LME Copper prices rose 0.04% or $2.5/MT to $6715.0/MT. Aluminium prices declined 0.63% or $12.0/MT to $1886.0/MT.
Yesterday, the IMF cautioned that unemployment rate in Australia would continue to remain above 6.0% over the next two years, with the agency expecting the Australian economy to witness 6.2% jobless rate this year and 6.1% in the next year. Meanwhile, it expects Australia to grow by 2.8% in 2014 and 2.9% in 2015.
In the Asian session, at GMT0300, the pair is trading at 0.8786, with the AUD trading 0.32% lower from yesterday’s close.
Earlier today, in China, Australia’s biggest trading partner, the services PMI edged down to 53.5 in September, following a level of 54.1 recorded in August, thus indicating signs of a slowdown in the world’s second largest economy.
The pair is expected to find support at 0.8729, and a fall through could take it to the next support level of 0.8673. The pair is expected to find its first resistance at 0.8839, and a rise through could take it to the next resistance level of 0.8893.
Amid a light economic calendar from Australia today, investors look forward to Australia’s unemployment rate, scheduled overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
