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Aussie slightly higher in a steadier morning part of the session

Friday, Feb 20 2015
It is a steadier morning part of the session for Aussie as there are no major data releases from Australia. Pair is currently being traded at 0.78 handle, rebounding from yesterday's decline after a media report suggested Australia’s credit rating may be at risk. The Wall Street Journal quoted an S&P analyst who said a global shock would put the budget under pressure, which the paper said “could put the country’s AAA rating at risk”. 
 
However, market were reacting too quickly to something that just proved to be a sensationalist headline, not capturing the main point. The S&P sovereign analyst interviewed, Craig Michaels, stated that there is no immediate threat to the AAA rating and that the rating would only come under pressure if the debt moved closer to 30%.
 
Pair is likely to find support around 0.7770 level and 0.7750 in extension and resistance above 0.7840 area. Later today, in the US session Manufacturing PMI figures are scheduled for a release.
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