Aussie lower in a steadier beginning of the week

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Monday, Mar 30 2015

There were no data releases from Australia this morning so markets are more turned to global concerns, commodity prices and speculations on next RBA monetary policy move. It seems quite likely that there is another round of rate cut ahead of us which should support struggling economy. Downbeat is primarily coming fro commodity prices.

Commodity prices took a tumble on Friday, with oil and copper falling, and iron ore plunging to a six-year low. The combination of oversupply and the weakening building sector in China, Australia’s largest trading partner, is leaning on the Australian dollar.

Aussie decreased this morning and is currently being traded few points above 0.7680 level. Pair is likely to find support around 0.7650 handle and resistance above 0.7750 area. Later today, in the US session, Pending Home Sales figures are scheduled for a release.

More in this category: « Spanish CPI down less than expected Net lending to individuals increased by £2.5 billion »

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