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Aussie little changed in a steadier beginning of the week

Monday, May 25 2015
It is a steadier beginning of the week for Aussie since there are no 
major data releases. The Westpac/Melbourne Institute small business index fell 12.7% to 108.2 points in April from February, the worst result since the quarterly survey started in early 2014. The survey was conducted between April 7 and 16, about a month before the government unveiled a raft of incentives for small businesses in its May 12 federal budget. 
 
Westpac general manager of small business Julie Rynski said while worries about the economy had weighed on small business confidence at the beginning of the year, she expected the budget measures to give the sector a boost. However, this was of no impact on the markets which are still influenced by Friday's US CPI data, which showed much better than expected figures, and pushed USD higher, as it is important factor in determining rate hike date.
 
Aussie was little changed this morning. It tested 0.78 handle once again but bounced out from it and is currently being traded few points above 0.7820 level. Pair is likely to find support around 0.78 handle and resistance above 0.7850 area. We cannot expect any larger movements in the rest of the session with US banks being closed in observance of Memorial Day.
More in this category: « USD - Major events in the week ahead Schäuble sees no need to disbursing further aid to Athens »

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