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Aussie stable in an uneventful Monday trade

Monday, Oct 12 2015
There are no major data releases today. The Aussie is drifting between gains and losses at 0.7330 slowly climbing back to the RBA desired range. The Australian dollar jumped to its highest mark in seven weeks as commodities rise and the US dollar is hurt by reduced rate hike expectations on Friday. The gains were driven by a sliding US dollar as investors took a set against the potential for a 2015 rate hike on the back of Thursday's release of dovish minutes from the US Federal Reserve's September meeting.
 
A surge in commodity prices also aided the unit, with iron ore up 1.3 per cent, copper adding 3 per cent and zinc soaring over 10 per cent. While markets have been dialing back their expectations for a U.S. interest-rate increase this year, analysts reckon that the resulting rally in riskier assets such as equities, oil and commodity currencies will actually assuage Fed concerns about tightening.
 
Aussie is currently being traded around 0.7330 level. Pair is likely to find support around 0.7280 level and resistance above 0.7365 area. There will be no major data releases in the rest of the session.
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