Aussie at 0.76 handle in a steadier morning part of the session
There were no major data releases from the Australia this morning. Only MI Leading Index figures were released. They showed 0.3% incline, prior was 0.1% increase. The latest Leading Index report presents some positives, suggesting a declining AUD is doing more to buffer the effect of sharply lower commodity prices, and that the combination of lower interest rates and rising dwelling construction may be generating more traction domestically.
However, there remains a clear risk that sub-trend growth may persist for longer than had been assumed through most of last year. Accordingly, Westpac continues to expect another rate cut of 0.25% in the April/May 'window'.
Data did not have any major impact on the markets. Aussie is currently being traded few points above 0.7610 level. Pair is likely to find support around 0.7550 and resistance above 0.7680 level. Later today, in the US session, FOMC interest rate decision and the following statement are scheduled for a release.
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