Australia’s Economic Growth Quickened In Q4 2014
GCI Financial | Mar 04, 2015 02:50AM ET
For the 24 hours to 23:00 GMT, the AUD strengthened 0.73% against the USD to close at 0.7816.
Yesterday, the AIG performance of services index in Australia rose to 51.70 in February, up from previous month’s level of 49.90.
LME Copper prices declined 0.70% or $41.0/MT to $5855.0/MT. Aluminium prices declined 0.75% or $13.5/MT to $1783.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7819, with the AUD trading marginally higher from yesterday’s close.
Early morning data showed that Australia’s GDP climbed 0.50% on a quarterly basis in Q4 2014, compared to a revised rise of 0.40% registered in the previous quarter. Markets were expecting it to expand 0.6%.
Elsewhere, in China, Australia’s biggest trading partner, the HSBC/Markit services PMI advanced to 52.00 in February. The index had recorded a level of 51.80 in the prior month.
The pair is expected to find support at 0.7775, and a fall through could take it to the next support level of 0.7731. The pair is expected to find its first resistance at 0.7855, and a rise through could take it to the next resistance level of 0.7890.
Going forward, investors await Australia’s retail sales data, scheduled tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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