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Aussie higher in a quiet overnight trade

Tuesday, Dec 22 2015
The Aussie was up this morning, putting further distance between a one-month low of $0.7097 hit last week after the Fed's rate hike shored up the U.S. currency. Hurt by factors including an economic slowdown in China, Australia's chief trading partner, and decline in prices of commodities such as iron ore, the Aussie was on track to lose 12 percent against the dollar in 2015. 
 
Meanwhile the Australian dollar found additional support "after base metal and non-oil industrial commodity prices lifted in response to statements by the Chinese government to stimulate the economy and not let it slow too much," Chief Currency Strategist at the Commonwealth Bank of Australia, Richard Grace, said.
 
Elsewhere, People’s Bank of China (PBOC) set yuan reference rate at 6.4746. Yesterday's close was 6.4808, while yesterday's mid point was set at 6.4753. People’s Bank of China injected 30 billion yuan through 7-day reverse repos.
 
Aussie is currently being traded around 0.7220 area. Pair is likely to find support around 0.7150 handle and resistance above 0.7250 level. Later today, in the US session, Final GDP and Existing Home Sales figures are scheduled for a release.
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