Last quoted at 1.0350, AUD/USD support levels lie at 1.0320 then, below yesterday’s low, at 1.0275. To the upside, should the pair regain the upside, resistance levels are noted at 1.0370, 1.0420 and 1.0460.
AUD/USD Fundamental Analysis April 17, 2012
The AUD/USD has fallen to 1.0314. The Aussie has followed Asian stock markets lower amid concerns about Spanish bond yields and a slowing Chinese economy and may be moving towards parity with its US counterpart, traders say.
Down from 103.85 US cents on Friday afternoon. The AUD opened weak in Asia and it’s a pretty ominous sign because it finished the US session on Friday lower as well but it was in line with all Asian currencies
The currency’s fall mirrored drops on Asian and domestic stock markets, the ASX 200 was down 0.51 per cent at noon while Japan’s Nikkei had dropped 1.24 per cent. Concerns about China’s slowing economy and slowing bond yield had hurt the currency.
Official Chinese data released on Friday revealed gross domestic product growth slowed to an annualized rate of 8.1 per cent in the March quarter, below the 8.4 per cent forecast by economists.
Meanwhile, Spanish bond yields have risen over the past few weeks, re-igniting concerns it may require a bailout from the European Union.
Economic Events scheduled for April 17, 2012
13:30 USD Building
Building Permits measures the change in the number of new building permits issued by the government. Building permits are a key indicator of demand in the housing market.
13:30 USD Housing
Housing starts measures the change in the annualized number of new residential buildings that began construction during the reported month. It is a leading indicator of strength in the housing sector.
14:15 USD Industrial Production
Industrial Production measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
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