Aussie Pares Its Gains Following The RBA Minutes
GCI Financial | Apr 15, 2014 03:14AM ET
For the 24 hours to 23:00 GMT, AUD strengthened 0.30% against the USD to close at 0.9412.
LME Copper prices declined 0.6% or $41.0/MT to $6645.0/MT. Aluminium prices fell 0.4% or $7.0/MT to $1833.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9394, with the AUD trading 0.19% lower from yesterday’s close, after the minutes from the RBA April policy meeting highlighted policymakers concerns on the impact of a stubbornly high Australian Dollar on the economic growth of the nation. The minutes also indicated that the Board believed its current monetary policy to be appropriate to foster sustainable growth in demand and to assist inflation in reaching the central bank’s 2-3% target.
In China, the People’s Bank of China revealed that the Chinese financial institutions issued CNY 1050.0 billion worth of new Yuan loans in March, compared to CNY 644.5 billion of loans issued in the previous month. Meanwhile, aggregate financing in China rose to a level of CNY 2070.0 billion in March, compared to CNY 938.7 billion of aggregate financing reported in the previous month. Additionally, China’s foreign exchange reserves rose to $3.95 trillion in the first quarter of 2014, compared to a revised $3.82 trillion reported in the previous quarter.
The pair is expected to find support at 0.9376, and a fall through could take it to the next support level of 0.9357. The pair is expected to find its first resistance at 0.9420, and a rise through could take it to the next resistance level of 0.9445.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
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