2 Dec 2013
AUD/USD firmer, eyes on 0.9170
FXstreet.com (Edinburgh) - The Aussie dollar is inching higher at the beginning of the week, lifting the AUD/USD towards the upper band of the intraday range near 0.9170/80.
AUD/USD propped up by data
Better-than-expected Chinese PMI data sponsored by the official NBS and HSBC over the weekend gave legs to the current AUD upside, although faltering around the 0.9170 region so far. In the domestic data front, the Performance of Manufacturing index gauged by AIG dropped to 47.7 from 53.2 while Inflation Expectations tracked by TD rose to an annual pace of 2.4% in November from 2.1% previous; Building Permits rose 23.1 on a yearly basis in October from 22.2%. The research team at BBH commented, “The first real test of the Aussie bears comes in near $0.9200. If the technicals are anticipating fundamentals, it may suggest either better than expected data and/or a central bank that continues to seem to be in no hurry to cut rates again from record lows. That said, we still do not want to rule out a rate cut in late Q1 2014”.
AUD/USD levels to watch
At the moment the pair is up 0.62% at 0.9167 and a break above 0.9204 (high Nov.26) would expose 0.9249 (high Nov.22) and finally 0.9355 (high Nov.21). On the flip side, the initial support aligns at 0.9038 (low Sep.4) ahead of the psychological mark at 0.9000
AUD/USD propped up by data
Better-than-expected Chinese PMI data sponsored by the official NBS and HSBC over the weekend gave legs to the current AUD upside, although faltering around the 0.9170 region so far. In the domestic data front, the Performance of Manufacturing index gauged by AIG dropped to 47.7 from 53.2 while Inflation Expectations tracked by TD rose to an annual pace of 2.4% in November from 2.1% previous; Building Permits rose 23.1 on a yearly basis in October from 22.2%. The research team at BBH commented, “The first real test of the Aussie bears comes in near $0.9200. If the technicals are anticipating fundamentals, it may suggest either better than expected data and/or a central bank that continues to seem to be in no hurry to cut rates again from record lows. That said, we still do not want to rule out a rate cut in late Q1 2014”.
AUD/USD levels to watch
At the moment the pair is up 0.62% at 0.9167 and a break above 0.9204 (high Nov.26) would expose 0.9249 (high Nov.22) and finally 0.9355 (high Nov.21). On the flip side, the initial support aligns at 0.9038 (low Sep.4) ahead of the psychological mark at 0.9000