For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.13% against the USD to close at 1.0386, as broadly better-than-expected Chinese economic data was overshadowed by concerns over the situation in the eurozone and worries over the US fiscal policy. LME Copper prices declined 0.9% or $65.0/MT to $7540.3/MT. Aluminium prices declined 0.4% or $8.5/MT to $1888.8/MT. Data from China’s General Administration of Customs on Saturday indicated that China’s trade surplus rose to $31.99 billion in October versus expectations for $27.0 billion surplus. In September, trade surplus was $27.67 billion. In the Asian session, at 04:00 GMT, the pair is trading at 1.0419, with the AUD trading 0.32% higher from Friday’s close. This morning, home loan approvals in Australia rose a seasonally adjusted 0.9% (MoM) in September, following the upwardly revised gain of 2.1% in August. Moreover, investment lending surged 8.6% (MoM) to A$7.301 billion. Separately, on an annual basis, the M2 money supply in China surged 14.5% in October, compared to a 14.8% rise recorded in the previous month. The pair is expected to find support at 1.0374, and a fall through could take it to the next support level of 1.0329. The pair is expected to find its first resistance at 1.0450, and a rise through could take it to the next resistance level of 1.0480.

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