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Australian PPI rose by 0.1%

Friday, Jan 30 2015
Australian PPI rose 0.1% in the December quarter 2014. Analysts were forecasting 0.3% increase. This followed 0.2% increase in the third quarter. It rose 1.1% through the year to the December quarter 2014. 
 
The increase was mainly due to rises in the prices received for building construction (+0.6%), other transport equipment manufacturing (+5.8%) and computer and electronic equipment manufacturing (+5.5%). This was partly offset by falls in the prices received for petroleum refining and petroleum fuel manufacturing (-11.7%).
 
After the data, Aussie initially went down, but managed to rebound and is currently being traded few points above 0.7780 level. Pair is likely to find support around 0.7750 and resistance above 0.7850 level.  Later today, in the US session, GDP, Chicago PMI and Revised Consumer Sentiment data are scheduled for a release.
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