A lower-than-expected Trade Balance data from Australia dragged the AUD/USD pair to session lows at the opening of today's trading session.
From an expected drop of $375 million, the figure was actually lower as it dropped $529 million. This didn't help the case of the aussie much, which had already suffered yesterday due to soft GDP data.
Some of the key points in the Trade Balance data include the following:
- Export levels same as previous period; imports rose by 1%
- Goods and services credit fell from $26 million to $27.273 million
- Debits rose by 1%, from $231 million to $27.802 million
The initial shock of the Trade Balance figures put the pair to today's low of 0.9013. However, it managed to push back half an hour later and is currently trading at 0.9044. Initial resistance for the pair is at 0.9188, followed by 0.9211. Meanwhile, initial support is at 0.9096, followed by 0.9074.
After falling during yesterday's trading, the USD/JPY pair is trying to make a comeback with the help of Japan's Foreign Bond Investments and its stocks, as well as the upcoming FOMC meeting less than two weeks from now.
Yesterday, the US Fed released its Beige Book, which revealed that the country's 'modest to moderate' growth was fueled by manufacturing, technology, and housing during the period of early October to mid-November.
The pair opened slightly strong at 102.38, but has since sunk to its current level at 102.24. Initial resistance for the pair is at 102.56 followed by 102.82. Meanwhile, initial support is at 101.53, followed by 101.28.
During yesterday's trading session, the Bank of Canada (BoC) also announced that it would maintain rates at 1%. In the statement released by the BoC, it stated that the country's economy grew at a modest pace, although the pace of the US economy's growth was stronger than they initially expected.
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