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RBA Kept Its Interest Rate Unchanged At 2.5% At Its May Policy Meeting

Published 05/06/2014, 03:23 AM
Updated 03/09/2019, 08:30 AM

AUD/USD Daily Chart

For the 24 hours to 23:00 GMT, the AUD ended the day flat against the USD to close at 0.9278.

Yesterday, building permits in Australia fell 3.5% (MoM) in March, its fifth monthly fall in the past six months while a private sector measure of inflation rose 0.4% (MoM) in April.

LME Copper prices declined 0.8% or $56.5/MT to $6699.0/MT. Aluminium prices fell 0.3% or $6.0/MT to $1736.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.9284, with the AUD trading 0.06% higher from yesterday’s close. Earlier today, the Reserve Bank of Australia (RBA) kept its interest rate unchanged at 2.5% and reiterated its view for a period of stability in interest rate. Furthermore, the Australian central bank noted some improvement in the nation’s labour market conditions and highlighted its expectations for inflation rate to be consistent with its 2-3% target. Separately, data showed that Australia’s trade surplus narrowed more-than-expected to a seasonally adjusted $731.0 million in March, compared to February’s surplus of $1257.0 million.

The pair is expected to find support at 0.9259, and a fall through could take it to the next support level of 0.9233. The pair is expected to find its first resistance at 0.9302, and a rise through could take it to the next resistance level of 0.9319.

Aussie traders are expected to keep a close watch on the release of the Australian budget, due later today.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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