RBA Kept Official Interest Rate Unchanged At 2.0%
GCI Financial | Nov 03, 2015 02:01AM ET
For the 24 hours to 23:00 GMT, the AUD strengthened 0.25% against the USD to close at 0.7149.
LME Copper prices rose 0.04% or $2.0/MT to $5137.5/MT. Aluminium prices rose 0.31% or $4.5/MT to $1452.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7195, with the AUD trading 0.64% higher from yesterday’s close.
Early morning, the RBA kept its official interest rates steady at 2.0% for a sixth straight month, in line with market expectations. Further, the RBA Governor, Glenn Stevens, signalled that Australia’s weak inflation might pave the way for further easing of monetary policy to support the economy if needed.
The pair is expected to find support at 0.7138, and a fall through could take it to the next support level of 0.7082. The pair is expected to find its first resistance at 0.7229, and a rise through could take it to the next resistance level of 0.7263.
Moving ahead, market participants will look forward to Australia’s AiG performance of services index and trade balance data, scheduled to be released overnight. Moreover, investors will also concentrate on the nation’s retail sales data for September, due in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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