AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.26% against the USD to close at 0.7430.
LME Copper prices declined 1.20% or $65.5/MT to $5375.0/MT. Aluminium prices declined 1.52% or $25.0/MT to $1620.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7456, with the AUD trading 0.34% higher from yesterday’s close.
Early morning data showed that Australian jobless rate edged higher to 6.0% in June, from a downwardly revised 5.9% in May, while analysts were expecting an unemployment rate of 6.1% in June. Meanwhile, number of employed people in the nation increased by 7,300 in June, compared to market expectations of a flat reading. Number of people employed had recorded a revised gain of 40.00 K in the prior month.
Elsewhere, consumer price inflation of China, Australia’s biggest trading partner, rose 1.4% YoY in June, exceeding market expectations of a 1.3% gain and following an increase of 1.2% in the previous month. The slight pickup in the nation’s inflation has decreased concerns about the risk of deflation in the world’s second biggest economy, although it remained the 10th consecutive month that consumer prices remained below 2%.
Other economic data showed that the producer price index in China retreated more than expected by 4.8% on an annual basis in June. It followed a 4.6% drop in the previous month.
The pair is expected to find support at 0.7392, and a fall through could take it to the next support level of 0.7329. The pair is expected to find its first resistance at 0.7498, and a rise through could take it to the next resistance level of 0.7540.
Looking ahead, investors would focus on Australia’s home loans data, scheduled in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
