RBA Kept Its Interest Rate Unchanged At 2.5%
GCI Financial | Apr 01, 2014 04:19AM ET
For the 24 hours to 23:00 GMT, AUD rose 0.11% against the USD to close at 0.9268.
Late yesterday, a report from Australia showed that the AiG performance of manufacturing index decline to a reading of 47.9 in March, from a level of 48.6 in the previous month.
LME Copper prices declined 0.5% or $31.0/MT to $6636.0/MT. Aluminium prices rose 1.2% or $21.0/MT to $1730.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9286, with the AUD trading 0.19% higher from yesterday’s close, benefiting from an official report that showed Chinese manufacturing index strengthened for the first time in five months in March. Traders also reacted positively to the RBA’s decision to keep its interest rates unchanged at 2.5% at its April policy meeting. However, the gains in the Aussie were somewhat pared after the RBA Governor, Glenn Stevens, reiterated that the currency still “remains high by historical standards” and that a decline in the exchange rate could assist in achieving balanced growth in the economy.
The pair is expected to find support at 0.9237, and a fall through could take it to the next support level of 0.9188. The pair is expected to find its first resistance at 0.9315, and a rise through could take it to the next resistance level of 0.9344.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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