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8 Feb 2013
Forex: AUD/USD recovers ground on China, above 1.0300
The Aussie dollar has managed to regain the key 1.0300 figure from overnight lows in the proximity of 1.0250, boosted by positive Chinese data out of the trade balance and the inflation prints.
Adrian Foster, analyst at Rabobank, commented on domestic release, “the RBA issued their quarterly Statement on Monetary Policy (SoMP) and whilst acknowledging the improved global backdrop, they revised lower both their GDP and CPI forecasts, and this lends the Statement a dovish bias. It adds to the, on balance, dovish Statement that accompanied Tuesday’s no-change rates decision”.
The cross is up 0.29% at 1.0313 with the next resistance at 1.0339 (high Feb.7) and then 1.0345 (low De.26).
On the flip side, a breakdown of 1.0260 (low Oct.24) would aim for 1.0236 (low Oct.23) and the 1.0203 (low Oct.15).
Adrian Foster, analyst at Rabobank, commented on domestic release, “the RBA issued their quarterly Statement on Monetary Policy (SoMP) and whilst acknowledging the improved global backdrop, they revised lower both their GDP and CPI forecasts, and this lends the Statement a dovish bias. It adds to the, on balance, dovish Statement that accompanied Tuesday’s no-change rates decision”.
The cross is up 0.29% at 1.0313 with the next resistance at 1.0339 (high Feb.7) and then 1.0345 (low De.26).
On the flip side, a breakdown of 1.0260 (low Oct.24) would aim for 1.0236 (low Oct.23) and the 1.0203 (low Oct.15).