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Aussie dollar advances on US dollar weakness

AUD - Australian Dollar

The Australian dollar is slightly stronger this morning when valued against the Greenback reaching an overnight high of 0.7130 on the back of broad U.S dollar weakness. On the local data front yesterday the number of jobs' advertisements decreased in March by 1.7% (seasonally adjusted terms to 166,509) according to ANZ. The result left the decline in advertisements over the year at 6%, the steepest decline over a comparable period in well over five years.

Looking ahead today we will see the release of February Home Loans, seen down by 2.0%, and Investing Lending for Homes, early Tuesday.

From a technical perspective, the AUD/USD pair is currently trading at 0.7124. We continue to expect support to hold on moves approaching 0.7090 while now any upward push will likely meet resistance around 0.7130.

Key Movers

Overnight we saw the Greenback decline against a basket of currencies as recent strong economic data eased worries about the global economy. Markets are in a holding pattern ahead of several key event risks later this week. On Wednesday we will see the release of the US Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC) minutes. On the release front yesterday US Factory Orders fell in February by 0.5%, better than the 0.6% decline expected, although down for a fourth consecutive month, fuelling fears of slowing economic growth. There are no major scheduled releases in the US today.

Expected Ranges

AUD/NZD: 1.0460 - 1.0670 ▲

GBP/AUD: 1.8230 - 1.8440 ▼

AUD/USD: 0.7020 - 0.7230 ▲

AUD/EUR: 0.6220 - 0.6430 ▲

AUD/CAD: 0.9370 - 0.9580 ▼