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“australian Economic Data And Forex Profit: Navigating Releases For Success” – The Australian dollar is sharply lower against its American rival on Wednesday, with AUD/USD trading after a recently posted weekly low of 0.6749. Mixed Australian data weighed on the local currency as the CB Leading Index posted a modest 0.1% increase in June, while the May reading was revised down to -0.3%. In addition, the Westpac Leading Index improved to 0.12 in June from -0.27% in the previous month. The poor performance of Asian stocks also undermined demand for AUD/USD as Chinese economic woes undermined market sentiment.
The focus now shifts to Australian employment figures. According to the market forecast, the country is expected to have added 15K new jobs in the month, well below the previous 75.9K. Breaking down the numbers, the country added 61.7K full-time positions in May and 14.3K part-time jobs. The unemployment rate is expected to have remained stable at 3.6% in June, while the participation rate is also projected to remain unchanged at 66.9%.
“australian Economic Data And Forex Profit: Navigating Releases For Success”
The AUD/USD pair broke below the 38.2% Fibonacci retracement of its 0.6598/0.6894 rally at 0.6780, with the next Fibonacci support at 0.6745. The daily chart shows that the pair is trading above all of its moving averages, with the 20 and 200 Simple Moving Averages (SMAs) converging with the 61.8% retracement of the aforementioned rally at around 0.6710. Technical indicators, meanwhile, head south with uneven strength, still holding positive levels.
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The short-term picture is neutral. The 4-hour chart shows that AUD/USD is trading below a firmly bearish 20 SMA while above the bullish, longer-term moving average. At the same time, technical indicators remain within negative levels, although the momentum is moving away, while the Relative Strength Index (RSI) indicator is consolidating at around 41.
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AUD/USD extended its losses on Wednesday after the US Federal Reserve (Fed) released its July meeting minutes, which strengthened the US dollar (USD) as investors perceived a hawkish bias in the minutes, as money market futures shown.
EUR/USD bears are taking a breather at the lowest level in six weeks as they look for fresh clues to extend the previous day’s fall. The euro pair refreshed the multi-day low at 1.0871 late Wednesday after the monetary policy meeting minutes of the Federal Open Market Committee (FOMC) appeared hawkish.
Gold is snapping a three-day losing streak while posting a corrective bounce from its lowest level since mid-March. The XAU/USD is asking for the latest inaction from US Treasury bonds, as well as the US dollar, to recover from $1,891 to $1,894 in the early hours of the Asian session Thursday.
Stock Market Investment Trading Financial, Coin And Australia Flag Or Forex For Analyze Profit Finance Business Trend Data Background. 2885328 Stock Photo At Vecteezy
Bitcoin price has broken out of consolidation, sliding south as cryptocurrency market players decide to limit volatility. The same goes for the Ethereum price, which is closely correlated with BTC, with an almost similar price pattern in recent weeks.
Western Texas Intermediate extends its losses below the $80.00 psychological figure amid a drop in US oil stockpiles while knowing about China’s Economic Deceleration could Dent oil’s demand. We use a range of Cookies to give you the best possible surfing experience. By continuing to use this website, you agree to our use of cookies.
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The Australian dollar was mostly softer against the US dollar after the Australian economy grew more slowly than expected in the first quarter of the year.
The economy grew 2.3% year-on-year in the January-March quarter, compared with 2.4% expected, slower than 2.7% in the last quarter of 2022. 400 basis points increase in interest rates begins through the economy to trickle.
Reserve Bank of Australia (RBA) governor Philip Lowe acknowledged the risk of a more pronounced slowdown in the economy, saying the path to a soft landing is narrow and “significant risks” threaten the outcome at a conference in Sydney on Wednesday.
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The RBA unexpectedly raised interest rates by 25 basis points at its meeting on Tuesday, taking the benchmark cash rate to 4.1%, opening the door to some further tightening in its determination to return inflation to its target.
Inflation is only projected to return to the top of the RBA’s 2-3% target range by mid-2025, and the increase in the minimum wage could further delay the achievement of the price target. Lowe reiterated the central bank’s intention to continue raising rates if necessary to ensure inflation returns to its target range, even as it pushed the jobless rate higher from around five-decade lows.
Headline inflation rose 6.8% on the year in April and 7.0% in the first quarter, down moderately from a peak of 7.9%. Ahead of Tuesday’s meeting, the market expected the benchmark rate to reach 4.18% by September, but the odds are now high for another 25 basis point RBA rate hike, with the terminal rate projected at 4.32% at the end of the third quarter.
Key focus is now on China trade data due later in Asia Wednesday morning. Imports in the world’s second-largest economy are expected to contract 8% year-on-year in May, after a decline of 7.9% in April. Earlier this month, factory activity rose faster than expected in May on weakening demand, clouding the outlook for the economy, Australia’s biggest export destination. Still, reports that China is working on new measures to support the real estate market have raised hopes for targeted stimulus. support the economy.
Aud/usd Forecast: Australian Employment Data To Make It Or Break It
On technical charts, the AUD/USD break towards the end of last week above resistance at the May 30 high of 0.6560 eased immediate downward pressure, potentially laying the foundation for a renewed upswing. However, AUD/USD needs to break above the crucial barrier at 0.6805 to reverse the bearish backdrop. Immediate barrier is at the mid-May high of 0.6675, coinciding with the 200-day moving average.
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