Aussie lower in a quiet Asian trade
Aussie fell this morning despite the fact that there are no major domestic or regional data releases scheduled today, something that points to the likelihood of Chinese markets again dictating sentiment, hence direction in the Aussie. The currency was hit hard by a fresh slide in commodities as Chinese growth fears resurfaced in the wake of data showing a slide in industrial profits.
The numbers showed an 8.8 per cent drop in profits, the worst result in four years. The local currency was also impacted by commentary on US interest rates from the Federal Reserve's New York president, William Dudley. Mr Dudley, seen as one of the Fed's more influential members, said rates will likely still need to rise this year, with both the October and December meetings 'live'.
Aussie is currently being traded around 0.6950 area. Pair is likely to find support around 0.69 handle and resistance above 0.70 level. Later today, in the US session, CB Consumer Confidence figures are scheduled for a release.
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