Aussie slightly higher in a quite Friday morning trade

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Friday, May 22 2015

There are no data releases from Australia today, with traders being focused on commodity prices and possible news related to the announcement of new stimulus from China. Stimulus programe as well as obvious decline in China's Industrial production and growth were of great impact to the metal markets, in particular industrial metals. However, gold prices are being a bit higher at the moment what serves as a support for Aussie in these moments. Furthermore, weaker than expected US data is lending some support to Aussie, but with traders being cautious ahead of today's CPI figures.

Industrial metals are trading in the red this morning as speculators continue to worry about demand from China and the lack of comments from the Chinese government concerning additional stimulus. The weakening US dollar did little to lift metal prices. Copper eased to 2.848 while palladium fell to 780.00. Late last week copper prices were trading higher and rebounded from three week low levels as unfavorable manufacturing data that shrank to the lowest level in three months supported further bets for monetary easing from China.

Aussie is currently being traded around 0.7920 area. Pair is likely to find support around 0.7860 level and resistance above 0.7950 area. Later today, in the US session, CPI figures are scheduled for a release.

More in this category: « Philly Fed Manufacturing Index showed modest expansion German Business Climate down for the first time in seven months »

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