Aussie was pushed above 0.76 handle in a rather uneventful beginning of the week. From Australia, this morning, Home Loans figures were released, showing 1.5% increase, above expected one of 2.1%. The Australian dollar benefited from improved commodities and risk in the offshore session, supporting the local unit as traders begin to short the greenback.
Gains in the Australian dollar is unlikely to go much further as the local market begins further re-pricing of a Reserve Bank of Australia (RBA) rate cut risk if there is not a rebound in labor force data later in the week. Offshore risks will also weigh on the unit with traders eyeing Chinese economic activity data this week, while the greenback is likely to stabilize over the medium term once the U.S. Federal Reserve resumes its policy tightening.
Aussie is currently being traded around 0.76 area. Pair is likely to find support around 0.7550 handle and resistance above 0.7630 level. There will be no major data releases later today.
