Aussie heading toward 0.72 handle
There were no major data releases this morning, however Aussie is still in an uptrend after Tuesday's RBA rate statement. Aussie is also stronger on hopes that China will introduce a massive stimulus program after they return from their week long holiday.
Global markets have been volatile since fears over a slowdown in the Chinese economy and its impact on global growth mounted in August, following China's devaluation of its currency. Stocks around the world closed their worst quarter in four years at the end of September.
"Optimism driven by expectations of a more gradual US policy tightening is hard to sustain if it results from evidence of slower growth in the US, which will reinforce downside risks to global growth, " Lee Hardman, a strategist at Bank of Tokyo-Mitsubishi UFJ in London, said.
Aussie is currently being traded few points above 0.7180 level. Pair is likely to find support around 0.7150 area and resistance above 0.72 handle. There will be no major data releases later today.
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