AUD/USD (current price: 0.7453)
Company Operating Profits in Australia missed expectations with a quarterly rise of 1.0%, while Job Advertisements jumped by 1.7% according to ANZ Bank. The better than expected Chinese Service PMI helped the currency during the Asian session on Monday. The mixed numbers led to a narrow trading range in early trading, but the pair finished slightly higher after an afternoon rally. The Reserve Bank of Australia left its benchmark rate unchanged, as expected, this morning. The pair is trading slightly lower following the decision.
Our assessment: The Aussie is still trading in a neutral short-term range between 0.7350 and 0.75. The pair is stuck below the 200-day Moving Average, which is found currently at 0.7530.
