AUD Trading Outlook
Australian Dollar (AUD) the Aussie fell back in Asia on weak Trade data and then risk aversion in Europe saw fresh month and year lows. February Trade balance -480mn vs. -1000mn previously. The AUD/USD is in a firm downtrend but is still providing plenty of two way action each day.
Australian Dollar (AUD) the RBA held at 4.25% as widely expected yesterday but this did not stop selling pushing the pair lower with China slowdown fears still evident and rallies timid. The USD strength added to the push lower and we tested 1.0300 by the end of the day. UPDATE February Trade balance -480mn vs. -1000mn previously.
Australian Dollar (AUD) the AUD/USD opened up very strong after the Chinese PMI was stronger than expected but from the Open we saw steady selling and by mid Europe we had moved down to 1.0365. The US stock market rally allowed a rally back above 1.0400 but the market is fragile. UPDATE the RBA holds at 4.25%.
Australian Dollar (AUD) the Official Chinese PMI released of the weekend saw the sharpest expansion in 12 months at 53.1 but this is in stark contrast with the private survey showing a contraction in March. Analysts are skeptical and although we opened up over 1 cent higher the price action post open in Asia so far has been one way selling. The RBA meeting tomorrow is expected to be a hold but if the statement is dovish the recent downtrend may be extended this week.
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