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Australian Dollar Boosted By Stronger US Economic Data

By  |  Forex  |  Jan 07, 2013 09:43AM GMT  |   Add a Comment
Australian Dollar Boosted By Stronger US Economic Data
By   |  Jan 07, 2013 09:43AM GMT
<span class=AUD/USD" title="AUD/USD" width="970" height="570" />
For the 24 hours to 23:00 GMT on Friday, the AUD strengthened 0.30% against the USD to close at 1.0481, after nonfarm payroll employment in the US rose in line with market estimates in the month of December. Additionally, economic activity in the US service sector unexpectedly expanded at a faster rate in December.

LME Copper prices declined 1.4% or $114.8/MT to $8025.5/MT. Aluminium prices declined 2.5% or $52.8/MT to $2055.5/MT.

In the Asian session, at 04:00 GMT, the pair is trading at 1.0472, with the AUD trading marginally lower from Friday’s close.

The pair is expected to find support at 1.0407, and a fall through could take it to the next support level of 1.0342. The pair is expected to find its first resistance at 1.0525, and a rise through could take it to the next resistance level of 1.0578.

Trading trends in the pair today are expected to be determined by the release of the AiG performance of construction index.
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