AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD was able to recover from awful jobs data on Thursday to bounce off the 1.0500 level to close back at 1.0550 after the US stock run. The daily range of the AUD/USD has been compressed lately and could be leading to a breakout with a fresh trend. Chinese data released in Asia Friday was stronger than expected and could help underpin. UPDATE AUSTRALIAN Chinese Q4 GDP came in at 7.9% vs. 7.4% previously.
Australian Dollar (AUD) the AUD/USD continues to trade in a very tight range between 1.0530-1.0580 and we are waiting for a catalyst to break out. The risk on trading environment is generally supportive for the risk sensitive currency but the local economy is weakening and the central bank has been cutting interest rates in the last 6 months. Traders are watching China’s economy very closely with the sharp rebound in recent months also supporting the AUD outlook. UPDATE AUSTRALIAN December Employment Change -5.5k vs. +10k forecast. Unemployment Rate forecast at 5.4% vs. 5.2% previously.
Australian Dollar (AUD) the AUD/USD fell sharply to 1.0525 on AUD/JPY selling in Asia before finding support and closing at familiar levels near 1.0560. EUR/AUD is taking advantage of the Euro weakness so far this week falling from 1.2700 to 1.2570. The RBA has less pressure on them to cut given the recent turnaround in China’s economy and the effect this will have on the Australian mining boom. No economic data Wednesday.
- Australian Dollar (AUD) continues its bullish trend moving above 94.00 against the Japanese Yen (JPY) as the Australian economy strengthens from higher exports.
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