Aussie little changed in a quite Monday trade

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Monday, May 23 2016

There were no data releases from Australia today. “As per usual, AUD/USD will remain influenced by USD movements as well as commodity prices and equity markets,” said Elias Haddad, senior FX strategist at the CBA in his Monday morning update. “Given credit spreads are narrowing again, a factor usually associated with rising equity markets, we believe the immediate downside in AUD/USD will be somewhat limited this week.”

While there is very little for markets to get excited about on Monday, Haddad notes that there are some significant domestic data events scheduled later in the week. “On Tuesday, RBA Governor, Glenn Stevens makes some remarks at the Trans-Tasman Business Circle boardroom briefing in Sydney,” wrote Haddad. “Stevens may draw reference to the low inflation and wages environment, and provide some further guidance on just how much RBA board members needed to be “persuaded” to cut interest rates earlier this month.”

Aussie is currently being traded few points above 0.7220 level. Pair is likely to find support around 0.7150 handle and resistance above 0.7250 level. There will be no major data releases later today,

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