Aussie Down on Disappointing Service Data from Australia & China

Aussie Down on Disappointing Service Data from Australia & China

For the 24 hours to 23:00 GMT, AUD weakened 0.40% against the USD to close at 1.0449, on broad dollar strength.

LME Copper prices rose 0.7% or $15.0/MT to $8140.25/MT. Aluminium prices rose 0.7% or $55.5/MT to $8140.25/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0434, with the AUD trading 0.15% lower from yesterday's close, after service-industry indexes for Australia and China dropped in December.

The Australian Industry Group's Performance of Service Index in Australia dropped to reading of 43.2 in December compared to a reading of 47.1 recorded in November. Moreover, the HSBC services purchasing managers' index (PMI) in China declined to a reading of 51.7 in December compared to a reading of 52.1 reported in the earlier month.

The pair is expected to find support at 1.0396, and a fall through could take it to the next support level of 1.0358. 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 1.0565.