AUD appreciated vis-à-vis the U.S. dollar

As GDI weekly news at 9 September 2007
The Australian dollar appreciated vis-à-vis the U.S. dollar last week as the Aussie tested offers around the US$ 0.8310 level and was supported around the US$ 0.8155 level. The pair gained about 90 pips last week. RBA kept its cash rate unchanged at 6.50%.

Data released last week saw the August performance of manufacturing index fall to 52.4; August ANZ job advertisements were up 0.1% m/m; July building approvals were up 0.4% m/m; the TD Securities August inflation gauge was up 0.5% m/m; Q2 GDP was up 0.9% q/q and 4.3% y/y; the performance of services index receded to 51.6 in August; the August unemployment rate held steady at 4.3%; and the August performance of construction index receded to 48.4.

Conclusion AUD this week

• Last week’s high - Above the 50.0% retracement of the 0.8869-0.7673 range
• Last week’s low - Above the 38.2% retracement of the same range.

Upside resistance targets include the 0.8271/ 0.8313/ 0.8515/ 0.8702 levels while downside support targets include the 0.8273/ 0.8130/ 0.7955/ 0.7757/ 0.7572 levels.