AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.70% against the USD to close at 0.9241.
LME Copper prices edged up 0.1% or $7.5/MT to $7003.0/MT. Aluminium prices declined 0.4% or $7.0/MT to $1816.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9244, with the AUD trading marginally higher from yesterday’s close.
Earlier today, the RBA, at its June policy meeting, opted to keep its benchmark interest rate unchanged at 2.5%, a move broadly in-line with market expectations. Separately, data showed that retail sales in Australia rose by a seasonally adjusted 0.2% in April to A$23.168 billion while Australia’s current account deficit narrowed to its lowest quarterly current account deficit since the March quarter of 2002.
Meanwhile, data from China, Australia’s largest trading partner showed that the HSBC manufacturing PMI rose to a four-month high level of 49.4 in May while the nation’s non-manufacturing PMI advanced to its highest level since November 2013 last month.
The pair is expected to find support at 0.9223, and a fall through could take it to the next support level of 0.9201. The pair is expected to find its first resistance at 0.9272, and a rise through could take it to the next resistance level of 0.9299.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
