Aussie Trading On A Weaker Footing This Morning
GCI Financial | May 01, 2015 01:53AM ET
For the 24 hours to 23:00 GMT, the AUD weakened 1.16% against the USD to close at 0.7905, reversing its previous session gains.
LME Copper prices rose 2.33% or $142.0/MT to $6245.0/MT. Aluminium prices rose 1.01% or $19.0/MT to $1909.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7891, with the AUD trading 0.18% lower from yesterday’s close.
Early morning data showed that, in China, Australia’ biggest trading partner, the NBS manufacturing PMI came in at 50.1 in April, slightly above the market forecast of a reading of 50.0, but still indicating that the world’s second biggest economy was struggling to main momentum. Other data revealed that the NBS non-manufacturing PMI fell to 53.4 in April from previous month’s reading of 53.7.
In Australia, data showed that the nation’s producer price index advanced 0.5% QoQ in the first quarter of 2015, compared to previous quarter’s rise of 0.1%.
The pair is expected to find support at 0.7833, and a fall through could take it to the next support level of 0.7775. The pair is expected to find its first resistance at 0.7979, and a rise through could take it to the next resistance level of 0.8067.
Going forward, investors would closely monitor RBA’s crucial interest rate decision, scheduled next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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