AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD hit multimonth highs briefly overnight above 1.0550 from the short squeeze on the EUR/USD before Draghi lifted all majors. The sharp selling afterwards on the EUR/USD and US stocks hurt the Aussie but it held up better than most with the EUR/AUD hitting fresh all-time lows under 1.1650. Looking ahead, no data till next week.
Australian Dollar (AUD) the AUD/USD rallied back above 1.0500 and hit day highs at 1.0540 before being reversed sharply after the FOMC to below 1.0500. The Asian market sold as well to 1.0440 but we are rallying back towards 1.0500 after retail sales and trade balance in June both beat expectations. The AUD/USD will take its cue from the stock market’s reaction to the ECB tonight and positivity may see new highs towards 1.0600 and year highs 1.0700.
Australian Dollar (AUD) the AUD/USD rallied to fresh highs above 1.0540 before falling sharply to close below 1.0500 as profit takers took rare control. The outlook we rely upon the stock market’s reaction to the US Fed and ECB tomorrow. Also on the horizon is the US jobs on Friday and the RBA is next Tuesday expected to hold at 3.5%. Update Japanese Unemployment Rate at 4.3% in June vs. 4.4% previously.
The Australian dollar (AUD) rose to 1.0496 and advanced to 1.0463 versus the US dollar. The British pound (GBP) dropped to 1.5710 from 1.5726 against the greenback, as investors prepare for Thursday’s policy announcements by the Bank of England (BoE).
Australian Dollar (AUD) the AUD/USD soared to fresh multi month highs almost touching 1.0500 as it tracked the EUR/USD higher. The bears have been completely wrong on the AUD in recent weeks with the China slowdown story not as big as many had predicted and the EUR/AUD downtrend providing support rather than usual crisis selloffs seen for the AUD/USD. In fact for some investors the AUD is looking like a safe haven in Asia far away from the US and Eurozone debt concerns.
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