Aussie lower in a steadier Thursday's session

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Thursday, May 14 2015

Aussie fell at the opening of the European part of the session though there were no data releases from Australia this morning . However, it seems that currency is according to RBA Governor Steven’s overvalued at the moment. This does not come as a surprise since RBA is opting for lower exchange rates for some time now. However, Aussie was pushed higher in the course of the yesterday's session, due to recovery in China's industrial production as well as weaker than expected US data.

Furthermore, while not unilaterally even across the country, Australia’s tourism sector is booming. Earlier today the NAB released its Australian commercial property index for the March quarter. One of the key findings was that confidence among CBD hotel owners was the highest of any sector.

Aussie is currently being traded few points above 0.8070 level. Pair is likely to find support around 0.8030 and resistance above 0.8160 area. Later today, in the US session, PPI and Unemployment Claims figures are scheduled for a release.

More in this category: « London's housing market at a 10-month high Euro testing 1.14 handle »

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