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Aussie lower in a quiet overnight trade

Tuesday, Jan 12 2016
There were no data releases from Australia this morning, with focus remaining on China. Much of the recent weakness came after Beijing set erratic guidance for the yuan and further confused international investors by first introducing and then swiftly scrapping a 'circuit trigger' rule on its share markets, leading many observers to question its grasp on financial markets.
 A massive plunge in Chinese stocks last week and a decline in the yuan after authorities weakened its value roiled global equities and further raised concerns about the growth slowdown in the world's second-biggest economy. Despite China's efforts to bring calm, including setting the central rate for the yuan marginally higher, analysts said they needed to see more transparency in the foreign exchange policy. 
 
Aussie is currently being traded around 0.6970 area. Pair is likely to find support around 0.6930 handle and resistance above 0.7030 level. Later today, in the US session, JOLTS Job Openings figures are scheduled for a release.
Last modified on Tuesday, 12 January 2016
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