GCI Forex News - AUD/USD: Interest rates in Australia appropriate: RBA Minutes

AUDUSD Movement

For the 24 hours to 23:00 GMT, AUD strengthened 0.29% against the USD to close at 1.0451.

LME Copper prices declined 0.9% or $63.8/MT to $ 7432.0/MT. Aluminium prices declined 0.6% or $11.8/MT to $ 1798.5/MT.

In the Asian session, at GMT0300, the pair is trading at 1.0478, with the AUD trading 0.26% higher from yesterday’s close.

This morning, the Reserve Bank of Australia (RBA), in its minutes for August 7 policy meeting, stated that interest rates in Australia are appropriate as inflation stayed contained and the economy grew at a steady pace. The bank further added that while economic signals from Europe and the US continue to be weak, things were getting better for Australia’s biggest trading partner, China.

The pair is expected to find support at 1.0443, and a fall through could take it to the next support level of 1.0407. The pair is expected to find its first resistance at 1.0499, and a rise through could take it to the next resistance level of 1.0519.

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