AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.16% against the USD and closed at 0.6930.
LME Copper prices declined 0.1% or $5.0/MT to $6002.0/MT. Aluminium prices rose 0.6% or $10.0/MT to $1802.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6914, with the AUD trading 0.23% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s consumer inflation expectations declined to 3.3% in May, following a reading of 3.9% in the prior month. Moreover, the nation’s seasonally adjusted unemployment rate unexpectedly climbed to 5.2% in April, rising to its highest level since August 2018 and defying market consensus for a fall to 5.0%. In the previous month, unemployment rate had registered a revised reading of 5.1%.
Elsewhere in China, Australia’s largest trading partner, new home prices rose 0.62% on a monthly basis in April, compared to 0.60% in the previous month.
The pair is expected to find support at 0.6892, and a fall through could take it to the next support level of 0.6871. The pair is expected to find its first resistance at 0.6936, and a rise through could take it to the next resistance level of 0.6959.
In absence of key economic releases in Australia today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
