Aussie lower in a steadier morning part of the session

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Friday, Mar 13 2015

Aussie is being traded below 0.77 handle this morning, with no major data releases from Australia. Aussie was pushed higher yesterday after weaker than expected US Retail Sales data and good Australian job figures. To remind ourselves Australian unemployment rate fell to 6.3%.

Despite yesterday's uptrend general outlook for Aussie remains on the downside. ANZ has lowered its year-end target for the Australian dollar to 72 cents per USD, cutting the outlook by 2 cents from a previous target of 74 cents per USD.“We are revising our foreign exchange forecasts to reflect the US dollar’s strength in the first quarter as many of our targets have been achieved,” ANZ strategists said.

Pair is likely to find support around 0.76 handle and resistance above 0.7750 area. Later today, in the US session, PPI and Consumer Sentiment figures are scheduled for a release.

More in this category: « U.S Retail Sales down by 0.6% U.K. Construction Output decreased by 2.6% »

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