Aussie Trading Higher In The Asian Session
GCI Financial | Oct 15, 2014 01:55AM ET
For the 24 hours to 23:00 GMT, the AUD weakened 0.56% against the USD to close at 0.8709.
LME Copper prices declined 0.32% or $21.5/MT to $6780.5/MT. Aluminium prices rose 0.29% or $5.5/MT to $1909.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.871, with the AUD trading a tad higher from yesterday’s close.
Early morning data indicated that in China, Australia’s biggest trading partner, the consumer price index grew 1.6% on an annual basis in September, following 2% rise in the previous month. Markets had expected inflation to register a 1.7% rise. Additionally, the nation’s producer price index (PPI) registered a drop of 1.8% on a YoY basis in September, exceeding market expectations for a 1.6% decline and compared to a fall of 1.2% in August.
In other economic data, Australia’s Westpac consumer confidence index climbed 0.9%, on a monthly basis, to a level of 94.8 in October, compared to a level of 94.0 in the previous month. Additionally, the seasonally adjusted new motor vehicle sales advanced 0.8% on an annual basis in September, after registering 3.5% drop in August.
The pair is expected to find support at 0.8651, and a fall through could take it to the next support level of 0.8593. The pair is expected to find its first resistance at 0.8791, and a rise through could take it to the next resistance level of 0.8873.
Going forward, investors look forward to Australia’s consumer inflation expectation data, scheduled overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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