Aussie slightly higher in a quite morning trade

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Friday, Mar 06 2015

There were no data releases from Australia this morning so markets are still being influenced by recent RBA interest rate decision and rather good Retail Sales and Trade Balance figures that are being offset by weaker than expected GDP growth. Since there were no data releases markets are turning their attention to commodity prices.

After a steady retreat toward the $US60 a tonne mark over the past few weeks, iron ore has crumbled below the key level in overnight trade. The development followed the release of new forecasts from Beijing that tipped China’s growth to slip to 7% in 2015, the lowest rate in over 15 years. The commodity has now lost ground in eight of the past nine trading sessions and has fallen four straight days since news of a rate cut from the People’s Bank of China surfaced over the weekend.

Aussie was little changed this morning currently being traded around 0.78 handle. Later today, in the US session, NFP and Trade Balance figures are scheduled for a release. Until then pair is likely to find support at 0.7750 area and resistance above 0.7850 level.

More in this category: « Euro lower after ECB Press Conference Euro little changed in a steadier European part of the session »

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