Aussie Trading Higher This Morning In Asian Session
GCI Financial | Sep 01, 2014 02:07AM ET
On Friday, the AUD weakened 0.18% against the USD to close at 0.9340.
LME Copper prices declined 0.5% or $ 38.0 /MT to $ 6995.0 /MT. Aluminium prices rose/declined 0.28% or $ 6.0 /MT to $ 2114.0 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.9342, with the AUD trading tad higher from Friday’s close.
Over the weekend, the AIG performance of manufacturing index in Australia dropped to 47.3 in August, compared to a level of 50.7 registered in the previous month.
Early morning data indicated that the TD Securities Inflation gauge in Australia registered a level of 2.5%, on an annual basis, in August, from a level of 2.6% in the previous month.
Meanwhile, the HSBC PMI in China, Australia’s biggest trading partner, fell to a three-month low level of 50.2 in August, against market expectations for a reading of 50.5 and compared to a level of 51.7 recorded in the previous month. Similarly, the official manufacturing PMI in the nation dropped to 51.1 in August.
The pair is expected to find support at 103.83, and a fall through could take it to the next support level of 103.50. The pair is expected to find its first resistance at 104.36, and a rise through could take it to the next resistance level of 104.55.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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