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Aussie still supported by Yellen, RBA now in focus

Thursday, Mar 31 2016
There were no data releases from Australia this morning. The market is still reacting to Yellen’s speech which dampened expectations around the speed in which the Fed was going to raise interest rates. The change in expectations has meant that the AUD has become more appealing option as the higher yielding currency. However the strong AUD will now put the focus back onto the Reserve Bank of Australia’s decision next week to see if they will look to reduce interest rates in the hope of bringing the AUD down to a level they would prefer.
China’s economy has shown early signs of stabilization. The nation’s industrial profits broke a seven-month losing streak to climb in the January-February period, while consumer inflation accelerated the most since mid-2014 last month. The official factory gauge will probably increase from the weakest level since 2009 in March, according to the median forecast in a Bloomberg survey.
 
Aussie is currently being traded around 0.7640 area. Pair is likely to find support around 0.7550 handle and resistance above 0.7680 level. Later today, in the US session Unemployment Claims and Chicago PMI figures are scheduled for a release.
More in this category: « ADP Employment Change increase by 200,000 jobs German Retail Sales down, unemployment unchanged »

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