AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.54% against the USD and closed at 0.7587.
LME Copper prices declined 1.6% or $107.0/MT to $6715.5/MT. Aluminium prices declined 0.1% or $3.0/MT to $2082.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7596, with the AUD trading 0.12% higher against the USD from yesterday’s close, on the back of a surprise drop in Australian unemployment rate.
Data indicated that Australia’s seasonally adjusted unemployment rate unexpectedly declined to 5.4% in October, hitting its lowest in more than four years, thus boosting optimism over the health of the nation’s labour market. Markets were expecting unemployment rate to remain steady at 5.5% registered in the previous month. However, the number of people employed climbed less-than-expected by 3.7K in October, against market consensus for a rise of 18.8K and following an increase of 19.8K in the prior month.
Other data revealed that the nation’s consumer inflation expectations eased to 3.7% in November, compared to a level of 4.3% in the previous month.
The pair is expected to find support at 0.7571, and a fall through could take it to the next support level of 0.7547. The pair is expected to find its first resistance at 0.762, and a rise through could take it to the next resistance level of 0.7645.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
