Aussie Extends Its Gains In The Asians Session
GCI Financial | Jul 01, 2015 01:48AM ET
For the 24 hours to 23:00 GMT, the AUD strengthened 0.21% against the USD to close at 0.7693.
Yesterday, the RBA Governor, Glenn Steven, opined that globally central banks are finding hard to stimulate demand by easing monetary policies, thereby also posing risk to the financial stability. Further, he also said that inflation looks quite low world over and the central bank’s primary objective might change from price stability to financial stability sometime in future.
LME Copper prices declined 0.80% or $46.0/MT to $5721.0/MT. Aluminium prices rose 0.27% or $4.5/MT to $1646.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7726, with the AUD trading 0.42% higher from yesterday’s close.
Overnight data indicated that Australia’s AiG performance of manufacturing index eased to 44.2 in June, after registering a reading of 52.3 in the previous month.
Early morning data showed that building approvals in Australia rebounded more than expected by 2.4%, compared to market expectations of a 1.2% rise. It followed a revised drop of 5.2% recorded in April.
Elsewhere, in China, Australia’s biggest trading partner, the manufacturing PMI remained unchanged at a level of 50.2 in June, even though markets expected it to advance to a level of 50.4. Meanwhile, the nation’s non-manufacturing PMI edged up to 53.8 in June, from May’s level of 53.2. On the other hand, the final HSBC manufacturing PMI in China rose to a reading of 49.4 in June, compared to prior month’s level of 49.2, while markets expected it to advance to 49.6.
The pair is expected to find support at 0.7677, and a fall through could take it to the next support level of 0.7628. The pair is expected to find its first resistance at 0.7757, and a rise through could take it to the next resistance level of 0.7789.
Going forward, investors await the release of Australia’s trade balance data, scheduled in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.