AIG Performance Of Manufacturing Index Comes To Expansion Territory
GCI Financial | Aug 01, 2014 02:52AM ET
For the 24 hours to 23:00 GMT, the AUD weakened 0.25% against the USD to close at 0.9302.
LME Copper prices rose 0.6% or $ 45.5/MT to $ 7135.5/MT. Aluminium prices rose 1.7% or $ 34.0/MT to $ 2016.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9292, with the AUD trading 0.11% lower from yesterday’s close.
In economic news, the AiG performance of manufacturing index in Australia rose to a level of 50.7 in July. It had registered a level of 48.9 in the prior month. Other data showed that, on a quarterly basis, the producer price index in Australia eased 0.1% in 2Q 2014. In the prior quarter, the index had recorded a rise of 0.9%.
Data from China, Australia’s biggest trading partner, indicated that the final HSBC manufacturing PMI index recorded a rise to 51.7 in July, in China. Markets were anticipating the index to advance to 52.0. Elsewhere, the NBS manufacturing PMI in China recorded a rise to 51.7, compared to market expectations of the index advancing to 51.4. In the prior month, it had recorded a reading of 51.0.
The pair is expected to find support at 0.9269, and a fall through could take it to the next support level of 0.9247. The pair is expected to find its first resistance at 0.9323, and a rise through could take it to the next resistance level of 0.9355.
Amid a lack of major economic release from Australia later in the day, trading trends in the Australian Dollar are expected to be determined by global news.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
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