Aussie supported by increase in iron ore prices

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Thursday, Jan 21 2016

There were no major data releases from Australia this morning. Aussie was supported as iron ore prices gained and the new stimulus program from the PBOC helped lift commodities and commodity linked currencies. Treasurer Scott Morrison says the weaker Australian dollar is a positive for the national economy. "It's obviously very good for our tourism industries ... but equally with our export industries, feeding into these new trade agreements that we have, it also makes us far more competitive," Mr Morrison told Bloomberg TV.

The Aussie has dropped 5.7 percent this year and fell to 68.27 U.S. cents on Jan. 15, the weakest since March 2009. With investor confidence shaken by China’s surprise yuan devaluations and global stocks sliding to the lowest level since July 2013, the Australian and New Zealand dollars have led declines among Group of 10 currencies.

Aussie is currently being traded around 0.69 area. Pair is likely to find support around 0.68 handle and resistance above 0.6950 level. Later today, in the US session, Unemployment Claims and Philly Fed Manufacturing Index figures are scheduled for a release.

Last modified on Thursday, 21 January 2016

More in this category: « Building Permits declined by 3.9% Unemployment Claims increased to 293,000 »

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