AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD risk on rally stalled at 1.0400 overnight and we are seeing some selling come through in Asia Friday. China GDP came out at 7.4% as expected and is helping the Aussie which had been under pressure because of China hard landing fears. Looking ahead, no data for Asia today.
Australian Dollar (AUD) AUD/USD played catch-up with the rest of the risk rally and we saw a move above 1.0300 to 1.0380 in the US session. China Data released today is the main risk event for the Aussie this week with the largest trading partner’s slowdown to be measured with the GDP later today. Looking ahead, China Q3 GDP forecast at 7.4% vs. 7.6% previously.
Australian Dollar (AUD) was left behind in the risk rally only able to gain 30 pips to 1.0300 during the day as EUR/AUD continued to be unwound to the topside and RBA is likely to cut rates next month. Data from China has been stable and Thursday’s GDP release will be closely watched by AUD/USD traders.
Australian Dollar (AUD) the AUD/USD underperformed most majors yesterday as the market continues to price in RBA rate cuts next month. Support was found at 1.0200 and we ended the day at 1.0250 and well supported on the strong US stock performance. The RBA minutes are released today and will be closely watched for clues about November’s meeting.
Australian Dollar (AUD) the AUD/USD tried to break 1.0300 at the same time as EUR/USD attempted to break 1.3000 on Friday during the European session. Both pairs failed and we have fallen back on Friday night and Monday morning to 1.0200 on the Aussie and looking to test with multimonth lows at 1.0150. Bonds are pricing in a 80% chance of a rate cut in November after the Reserve Bank Governor noted there was plenty of scope to mitigate a slowdown in growth.
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