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Aussie fell below 0.75 handle in an overnight trade

Thursday, Mar 10 2016
There were no major data releases from Australia yesterday. The Aussie traded above 0.75 on Wednesday but could not hold. New Zealand’s Reserve Bank has made a surprise cut of 25 basis points to the country’s cash rate, taking it to a record low of 2.25 per cent. In a statement, the central bank said that the outlook for the global economy had deteriorated since December, due to weaker growth in China and slower growth in Europe. Economists had broadly expected New Zealand’s cash rate to be left on hold this month.
The Australian dollar managed to hold on to most of its overnight gains after the Reserve Bank of New Zealand's (RBNZ) surprise rate cut announcement, Commonwealth Bank of Australia senior currency strategist Elias Haddad said. "Dovish outcomes would be U.S. dollar supportive," he said. "The next major signpost for the Australian dollar will be the Chinese activity data batch (fixed asset investment, industrial production and property construction volumes) for January-February (released on Saturday). "There are no Australian economic data to be released over the rest of the week.
 
Aussie is currently being traded around 0.7470 area. Pair is likely to find support around 0.734 handle and resistance above 0.7550 level. There will be no major data releases in the rest of the session.
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