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AUDUSD lower in late Asian trade, January 16 2013 January 16, 2013


The Australian dollar went lower against the greenback today in AUDUSD, as markets participants were nervous after the release of World Bank cut forecast for global growth this year.

During the late Asian trade, currency pair AUDUSD hit the level 1.0547, bottom for this session and later on the pair was consolidated at 1.0558, slipping 0.10%.

The pair AUDUSD was supposed to meet support at 1.0526, bottom level from yesterday, and resistance at 1.0591, peak from January 11.

Yesterday, the World Bank harshly revised its 2013 outlook for the world economy to 2.4% from its last prognosis of 3% in June, indicating an unexpectedly slow recovery in developed countries was to blame for slow global improvement.

At the same time, uncertainty over the U.S. debt ceiling deadlock continued to have influence after President Barack Obama forced Republicans earlier in the week to endorse a rise in the borrowing limit without expecting policy concessions in return.

In a report in Australia, the Westpac Banking Corporation announced that consumer sentiment increased with 0.6% in January, after a 4.1% fall in the preceding month.

An independent report indicated that new motor vehicle sales in Australia went up to 2.2% last month, compared to a 0.2% rise in November.

The Aussie was traded higher against the euro with EURAUD hitting the level 1.2576.

Later this day, America is about to publish government data on consumer inflation and a report on industrial production. Besides, the Federal Reserve is going to show its Beige Book.



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