AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD was a big mover overnight falling dramatically against the USD and most crosses when Unemployment missed for June. The trading so far in Asia has seen some buying come through though with stocks recovering into the weekend and Chinese GDP not as bad as feared.
Australian Dollar (AUD) The AUD/USD was another currency in play during the Asian session as June Employment dropped -27k unexpectedly vs. 0k forecast. The Unemployment rate also increased to 5.2% and the AUD/USD was crushed lower under 1.0200 to 1.0180 after opening at 1.0260. Looking ahead, Friday the big risk event of the weak is the Chinese GDP which is expected to show a significant slowdown and is concerning Asian investors.
Australian Dollar (AUD) the AUD/USD shrugged off weak Chinese data to rally in Europe to 1.0240 but when the EUR/USD fell the AUD/USD was dragged back below 1.0200 finishing weak near 1.0180 support. Looking ahead, no economic data Wednesday.
Australian Dollar (AUD) the AUD/USD is the main risk currency in play this week with the daily China data releases and close scrutiny of the emerging economic powerhouse. AUD/USD found support at 1.0160 and grinded back above 1.0210. Looking ahead, June Consumer Confidence previously at 40.7. Also Chinese Trade Balance forecast at 21bn vs. 18.7bn previously
Australian Dollar (AUD) the AUD/USD reversed direction with US stocks falling to 1.0180 supports. The AUD/USD has outperformed last week with solid economic data and new all-time lows for the EUR/AUD helping lift the commodity currency. The EUR/AUD is looking to test the major 1.2000 level with the multi-year downtrend now hitting another big level. Looking ahead, Chinese CPI forecast at 2.4% vs. 3.0% previously/y.
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