Australian Dollar Rises On Building Approvals, China Trade Data

Australian Dollar Rises On Building Approvals, China Trade Data

For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.13% against the USD to close at 1.0386, as broadly better-than-expected Chinese economic data was overshadowed by concerns over the situation in the Euro-zone and worries over the US fiscal policy.

LME Copper prices declined 0.9% or $65.0/MT to $7540.3/MT. Aluminium prices declined 0.4% or $8.5/MT to $1888.8/MT.

Data from China’s General Administration of Customs on Saturday indicated that China’s trade surplus rose to $31.99 billion in October versus expectations for $27.0 billion surplus. In September, trade surplus was $27.67 billion.

In the Asian session, at GMT0400, the pair is trading at 1.0419, with the AUD trading 0.32% higher from Friday’s close.

Today morning, home loan approvals in Australia rose a seasonally adjusted 0.9% (MoM) in September, following the upwardly revised gain of 2.1% in August. Moreover, investment lending surged 8.6% (MoM) to A$7.301 billion.

Separately, on an annual basis, the M2 money supply in China surged 14.5% in October, compared to a 14.8% rise recorded in the previous month.

The pair is expected to find support at 1.0374, and a fall through could take it to the next support level of 1.0329. The pair is expected to find its first resistance at 1.0450, and a rise through could take it to the next resistance level of 1.0480.