AUD/USD: Australia’s Westpac leading index fell in May

AUD/USD: Australia’s Westpac leading index fell in May

AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 5.32% against the USD and closed at 0.6537.

LME Copper prices rose 1.2% or $64.5/MT to $5,314.0/MT. Aluminium prices climbed 1.6% or $22.5/MT to $1,464.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6542, with the AUD trading 0.08% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s Westpac leading index fell 1.5% on a monthly basis in April, compared to a revised drop of 0.7% in the previous month. Additionally, seasonally adjusted retail sales slumped 17.9% on a monthly basis in April, compared to a rise of 8.5% in the earlier month.

Elsewhere, in China, Australia’s largest trading partner, the People’s Bank of China (PBoC), in its latest interest rate decision, kept its key interest rate unchanged at 3.85%, as widely expected.

The pair is expected to find support at 0.6506, and a fall through could take it to the next support level of 0.6471. The pair is expected to find its first resistance at 0.6581, and a rise through could take it to the next resistance level of 0.6621.

Looking ahead, traders would keep a watch on Australia’s Commonwealth Bank manufacturing and services PMIs, both for May, slated to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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