HomeContributorsFundamental AnalysisAustralia's Westpac Consumer Confidence Eased In February

Australia’s Westpac Consumer Confidence Eased In February

For the 24 hours to 23:00 GMT, the AUD declined 0.11% against the USD and closed at 0.7855.

LME Copper prices rose 1.8% or $121.5/MT to $6908.0/MT. Aluminium prices rose 0.3% or $6.0/MT to $2123.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7887, with the AUD trading 0.41% higher against the USD from yesterday’s close.

Overnight data indicated that Australia’s Westpac consumer confidence index eased 2.3% on a monthly basis to a level of 102.7 in February, after recording a 4-year high reading of 105.1 in the previous month.

The pair is expected to find support at 0.7847, and a fall through could take it to the next support level of 0.7806. The pair is expected to find its first resistance at 0.7909, and a rise through could take it to the next resistance level of 0.7930.

Looking ahead, market participants would keep a close watch on Australia’s unemployment rate for January and consumer inflation expectations for February, slated to release overnight.

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

GCI Financial
GCI Financialhttp://www.gcitrading.com/
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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