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Aussie little changed in a quite morning trade

Thursday, Aug 13 2015
From Australia, this morning, only minor importance MI Inflation Expectations report was released. The expected inflation rate rose by 0.3 percentage points to 3.7% in August from 3.4% in July. In August, the proportion of respondents (excluding the ‘don’t know’s) expecting the inflation rate to fall within the 0-5 per cent range increase by 1.5 percentage points to 77.8% from 76.3% in July. The weighted mean of responses within this range rose further to 2.7%, from 2.6% in July and 2.3% in June. This indicates that the distribution of responses within the 0-5 per cent range is shifting towards the upper end of this range. 
 
Aussie has rebounded overnight after Chinese authorities stepped in to halt the slide of the yuan, following two days of steep falls sparked by Chinese currency devaluations. The PBOC has leveled off the decline in the currency after it changes its daily setting process. Widespread press reports attributed some of the pickup to a suspected intervention by the Chinese authorities in the last minutes of trading yesterday as the yuan looked on track to lose more than its 2 per cent daily limit.The Australian dollar tumbled to its lowest level since 2009 after the Chinese central bank set the midpoint for its yuan at the weakest level since October 2012.
 
Aussie is currently being traded few points above 0.7370 level. Pair is likely to find support at 0.73 handle and resistance above 0.7430 area. Later today, in the US session, Retail Sales and Unemployment Claims figures are scheduled for a release.
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