Tue, Mar 28, 2023 @ 15:36 GMT
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Australia’s Construction Sector Slows In March

For the 24 hours to 23:00 GMT, the AUD declined 0.41% against the USD and closed at 0.7540.

LME Copper prices rose 1.1% or $62.0/MT to $5870.5/MT. Aluminium prices declined 0.3% or $6.0/MT to $1956.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7521, with the AUD trading 0.25% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s AIG performance of construction index dropped to a level of 51.2 in March, compared to a level of 53.1 in the previous month.

The pair is expected to find support at 0.7500, and a fall through could take it to the next support level of 0.7480. The pair is expected to find its first resistance at 0.7554, and a rise through could take it to the next resistance level of 0.7588.

Going ahead, investors will look forward to Australia’s unemployment rate, consumer inflation expectations, NAB business confidence and Westpac consumer confidence, all scheduled to release next week.

The currency pair is trading below 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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