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Aussie lower on speculations of additional stimulus in China

Thursday, Oct 08 2015
There were no data releases from Australia this morning, with Aussie edging lower. Markets are still focused on developments in China. China has been on holiday for the past week and will return to the markets today. There are hopes of an announcement of additional stimulus and government plans to spark economic growth. Aided by strengthening investor sentiment and further short covering, the Australian dollar continued its good form overnight, rising to a high of 0.7234 before easing to below 0.72 handle.
 
The U.S. dollar traded mixed against other major currencies Wednesday as the International Monetary Fund lowered the growth outlook of world economy this year, raising concerns that the Federal Reserve may delay interest-rate hike till the next year. The IMF on Tuesday predicted in its "World Economic Outlook" report that the global economy will only see a growth of 3.1 percent in 2015, 0.2 percent lower compared to the institution's projection last time in July.
 
Aussie is currently being traded few points above 0.7170 level. Pair is likely to find support around 0.7110 level and resistance above 0.7230 area. Later today, in the US session, Unemployment Claims figures and FOMC Meeting Minutes are scheduled for a release.
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