Wed, Dec 02, 2020 @ 00:35 GMT
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Australia’s Consumer Inflation Expectations Climbed In August

For the 24 hours to 23:00 GMT, the AUD rose 0.18% against the USD and closed at 0.7160.

LME Copper prices rose 0.4% or $22.5/MT to $6,379.0 /MT. Aluminium prices climbed 0.3% or $4.5/MT to $1,754.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.717, with the AUD trading 0.14% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s consumer inflation expectations rose to 3.3% in August, compared to 3.2% in the prior month. Additionally, the unemployment rate climbed less-than-expected 7.5% in July, compared to a rate to 7.4% in the prior month.

The pair is expected to find support at 0.7123, and a fall through could take it to the next support level of 0.7077. The pair is expected to find its first resistance at 0.7202, and a rise through could take it to the next resistance level of 0.7235.

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

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DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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