Australian Dollar Weakened After Glenn Stevens' Signal Of Further Rate Cuts

Australian Dollar Weakened After Glenn Stevens' Signal Of Further Rate Cuts

For the 24 hours to 23:00 GMT, AUD weakened 0.12% against the USD to close at 1.0388, after the Reserve Bank of Australia Governor, Glenn Stevens, late yesterday hinted that there may be an interest rate cut in coming months.

LME Copper prices rose 0.8% or $60.3/MT to $7730.5/MT. Aluminium prices rose 1.3% or $24.5/MT to $1952.3/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0351, with the AUD trading 0.35% lower from yesterday's close.

Today morning, in Australia, the Westpac-Melbourne Institute's leading index rose to a reading of 287.7 in September, from a reading of 285.8 in the previous month.

Separately, the Conference Board's leading economic index for China rose to a reading of 245.5 in October, compared to a reading of 241.8 in September.

The pair is expected to find support at 1.0325, and a fall through could take it to the next support level of 1.0298. The pair is expected to find its first resistance at 1.0399, and a rise through could take it to the next resistance level of 1.0446.