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COZfx: Australian dollar rise to 4 1/2 month highs despite A

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COZfx: Australian dollar rise to 4 1/2 month highs despite A

Postby dwang » Wed Apr 09, 2014 2:41 am

COZforex: The Australian dollar rise to 4 1/2 month highs against its US counterpart on Tuesday, despite a drop in Australia's business confidence, as Friday's disappointing US employment report continued to weigh on the greenback.

AUD/USD hit 0.9296 amid late Asian trade, the pair's highest since November 21; the pair subsequently consolidated at 0.9311, gaining 0.40%. COZFX strategist Nigel Boynton said, AUD/USD is predicted to find support at 0.9258, and a drop through could take it to the next support line of 0.9234. Meanwhile, the pair is predicted to find its first resistance at 0.9301, and a rise through could take it to the next resistance line of 0.9320.

In commodities, LME Copper prices dropped 1.0% or $66.5/MT to $6610.5/MT. Meanwhile, Aluminium prices declined 0.9% or $16.5/MT to $1793.5/MT.

The National Australia Bank earlier said that its business confidence index dropped to 4 in March, from a reading of 7 the previous month. Meanwhile, sentiment on the greenback still remained vulnerable after last week’s US payrolls report disappointed some market expectations for a stronger number.

Investors were eyeing Wednesday’s minutes of the Federal Reserve’s March meeting for further indications on the future direction of monetary policy.

Also Tuesday, the New Zealand Institute of Economic Research said its business confidence index ticked down to 52 in the first quarter, from a reading of 53 in the fourth quarter, whose figure was revised up from a previously estimated reading of 52.

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