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Aussie stable above 0.76 handle

Monday, Apr 06 2015
Aussie was little changed this morning as banks are still being closed due to the Easter holidays, with no data releses. The main issue still remains downtrend in China's growth which causes decline in iron ore prices. The Aussie trade figures, released on Thursday, added to the belief that the iron ore price won’t recover any time soon because of less demand for the metal from China. The trade deficit hit its largest level in five months on the back of falling iron ore prices and the lower Australian dollar.
 
Also, markets are being cautious ahead of tomorrow's RBA interest rate decision. RBA is about to consider whether it will cut the official cash rate for a second time this year, though analysts are predicting no change this month. The central bank lowered the rate to a new record low of 2.25% in February but surprised the market by leaving it unchanged in March, when market consensus was anticipating anothet round of rate cut.
 
Aussie is currently being traded around 0.7640 area. Pair is likely to find support around 0.76 handle and resistance above 0.7670 level. Later today, in the US session, Non-Manufacturing PMI figures are scheduled for a release
More in this category: « Steadier beginning of the week for Sterling US Non-Manufacturing PMI slightly lower in March »

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