Aussie Trading On A Stronger Footing This Morning
GCI Financial | Apr 01, 2015 02:18AM ET
For the 24 hours to 23:00 GMT, the AUD weakened 0.49% against the USD to close at 0.7618.
LME Copper prices declined 0.97% or $59.5/MT to $6050.5/MT. Aluminium prices rose 0.70% or $12.5/MT to $1789.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7633, with the AUD trading 0.19% higher from yesterday’s close.
Early morning data indicated that building approvals in Australia fell 3.2% MoM in February, lower than market expected drop of 4.0%. It had risen by a revised 5.9% in the previous month.
Elsewhere, in China, Australia’s biggest trading partner, the official PMI unexpectedly climbed to a level of 50.1 in March, beating market expectations of a drop to 49.7 and following a reading of 49.9 in the previous month, thus returning to expansionary territory. Meanwhile, the nation’s final HSBC manufacturing PMI was revised higher to a reading of 49.6 in March, but still remained in contraction territory.
Other economic data revealed that China’s non-manufacturing PMI fell to a level of 53.7 in March, from prior month’s reading of 53.9.
The pair is expected to find support at 0.7593, and a fall through could take it to the next support level of 0.7554. The pair is expected to find its first resistance at 0.7669, and a rise through could take it to the next resistance level of 0.7705.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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