AUD Trading Outlook
Movers & Shakers
The Australian dollar (AUD) reversed its negative trend, moving from 1.0118 to 1.0252 against the US dollar (USD). The Aussie took off after remarks from the Reserve Bank of Australia that it will not cut rates further as previous cuts had the expected outcomes.
Australian Dollar (AUD) in under pressure able to hold at 1.0200 last week but crashing lower today as new Chinese property measures sent the shanghai stock index sharply lower. The 1.0150 key support was broken and we are at 1.0120 and looking vulnerable as we enter the European session Monday. The RBA meet tomorrow and are unlikely to cut but the statement will be analyzed for clues as to future moves. Update January Building Permits at -2.4% vs. 2.8% forecast.
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