Aussie lower in a quiet overnight trade
There were no data releases from Australia this morning, with traders mostly paying attention to developments in China and commodity prices. After a rebound on Friday and early Monday, crude prices fell back below $30 a barrel, not far from last week's 12-year lows, ending a couple of days of gains for Wall Street stocks.
The Chinese economy is transitioning from one based on investment, to one based on domestic consumption. Old industries, like manufacturing and property, are declining and the economy is slowing. This has put pressure on the yuan at a time when the government wants to portray stability. Authorities see this as a temporary phase in China's economic development — one in which the market's free hand cannot be allowed to guide the economy quite yet.
Aussie is currently being traded around 0.6930 area. Pair is likely to find support around 0.69 handle and resistance above 0.70 level. There will be no major data releases in the rest of the session.
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