Aussie Trading Lower This Morning
GCI Financial | Mar 10, 2015 03:52AM ET
For the 24 hours to 23:00 GMT, the AUD weakened 0.33% against the USD to close at 0.7692.
LME Copper prices declined 0.45% or $26.5/MT to $5800.0/MT. Aluminium prices declined 1.37% or $24.5/MT to $1760.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7646, with the AUD trading 0.59% lower from yesterday’s close.
Earlier today, in China, Australia’s biggest trading partner, consumer price inflation rose 1.4% YoY in February, beating market expectations for a gain of 1.0% and compared to an advance of 0.8% recorded in the preceding month. On the other hand, the producer price index (PPI) slid more than expected by 4.8% YoY in February, higher than market expected drop of 4.3% and following a similar decline registered in January.
Early morning data revealed that the NAB’s business confidence index in Australia dropped to zero in February, from previous month’s level of 3.0, while, business conditions remained unchanged at a level of 2.0 in February.
The pair is expected to find support at 0.7605, and a fall through could take it to the next support level of 0.7563. The pair is expected to find its first resistance at 0.7715, and a rise through could take it to the next resistance level of 0.7783.
The currency pair is trading below 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.