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Aussie slightly higher on commodities rally

Monday, Jul 25 2016
There are no major data releases from Australia and USA today. The June quarter inflation report, to be released on Wednesday, is expected to show the underlying rate of inflation was around 0.4 per cent which would put the annual rate at 1.4 per cent. This would be slightly below the Reserve Bank’s forecast in its May monetary policy statement of 1.5 per cent. 
The minutes of the bank’s last meeting flagged that inflation was expected to remain low for an extended period given the subdued growth in labour costs and low cost pressures around the world. On Monday global commodities were rallying giving a bump to the Aussie but keeping it in its range just below the 0.75 level.
 
Aussie is currently being traded few points below 0.7490 level. Pair is likely to find support around 0.7450 handle and resistance above 0.7550 level.
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