The RBA Cuts Interest Rates To Historic Low
GCI Financial | May 05, 2015 01:45AM ET
For the 24 hours to 23:00 GMT, the AUD strengthened 0.14% against the USD to close at 0.7841.
LME Copper prices rose 1.87% or $117.0/MT to $6362.0/MT. Aluminium prices rose 0.50% or $9.5/MT to $1919.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7852, with the AUD trading 0.13% higher from yesterday’s close.
The RBA slashed its key interest rates by 25 basis points to 2.0%, second time this year in efforts to support growth in the economy.
Earlier today, data released showed that Australia’s trade deficit stayed in red with a reading of AUD1.32 billion in March, following a deficit of AUD1.61 billion registered in the preceding month.
Overnight data indicated that the AIG performance of services index in Australia recorded a drop to 49.70 in April. The index had recorded a level of 50.20 in the prior month.
The pair is expected to find support at 0.7820, and a fall through could take it to the next support level of 0.7787. The pair is expected to find its first resistance at 0.7869, and a rise through could take it to the next resistance level of 0.7886.
Moving ahead, investors await Australia’s new homes sales and retail sales data, scheduled in the early hours tomorrow.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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