Aussie higher in a quite morning session

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Monday, Apr 20 2015

Aussie added few points this morning though there were no data releases from Australia. Traders are being cautious awaiting for CPI figures and RBA Meeting Minutes later this week. Also, markets are still speculating on possible date of another rate cut, with 58% chance of that being on the next meeting. Also, focus is on every piece of data coming from China. China’s central bank announced it would lower the reserve requirement ratio (RRR) by 100bps for the whole banking sector. Li-Gang Liu, chief economist for Greater China at ANZ puts this at the biggest RRR cut since December 2008.

In addition, the PBoC lowered the RRR for rural financial institutions by additional 100bps, and allowed an extra 50bps RRR cut for those banks that meet requirements of prudent operation and a certain ratio of loans to the agricultural sector or SMEs. ANZ said the announcement will also boost China’s sluggish housing market by making mortgage loans more available, adding that as China’s property market is expected to rebound more strongly, it will also give a boost to the struggling iron ore price.

Aussie is currently being traded few points above 0.78 handle. Pair is likely to find support around 0.7750 and resistance above 0.7850 area. There will be no major data releases in the rest of the session.

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