AUD/USD: Weaker non-Manufacturing PMI in China Adds to Aussie’s Losses

For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 1.0706.

In the Asian session, at GMT0400, the pair is trading at 1.0688, with the AUD trading 0.17% lower from yesterday’s close.

Data released this morning showed that AiG Performance of Services Index in Australia rose to 51.9, from the 49.0 in the previous month.

Separately in China, Australia’s largest trading partner, the official Purchasing Managers Index (PMI) for non-manufacturing sectors declined to 52.9 in January, from 56.0 in December. Additionally, the HSBC China Services PMI remained unchanged at 52.5 for a third straight month in January.

LME Copper prices declined 0.1% or $12.5/MT to $8338.8/ MT. Aluminium prices declined 0.8% or $18.8/MT to $2200.5/ MT.

The pair is expected to find support at 1.0660, and a fall through could take it to the next support level of 1.0633. The pair is expected to find its first resistance at 1.0731, and a rise through could take it to the next resistance level of 1.0775.