USD Trading Outlook
The Australian Dollar (AUD): AUD/USD opened in NY session at 0.9390, after an Asian session sell off sparked by 0.8% drop in the Shanghai Composite Index. Higher than Expected U.S CPI gave USD a boost and the metals complex, base & precious took a hit. Copper in particular was hit hard and caused AUD/CAD sales as Australia is the 5th largest producer. Tensions in East Ukraine increased, US equities in the brief red zone. Main focus for today will be on Chinese data, a poor reading could lead AUD/USD to test 0.9290-0.93 area.
The Australian Dollar (AUD): The pair was trading in a relatively tight range yesterday of 20-25pips. However, the AUD held up very well given the US retails sales was very strong. RBA minutes will be due at 01:30GMT, even though major change is expected but market will focus on any statement regarding to the current strong AUD.
The Australian Dollar (AUD): The pair lifted to hourly resistance in the 0.9425/35 zone as USD/JPY failed to push back above 102 again. The USD attempted to make a comeback in early NY session and a miss to JP Morgan's earnings hit risk. AUD dipped towards 0.9380/85 but once again bear push were limited. RBA minutes are due this week and the market will look to see if there is any statement concerning the current AUD strength. Also China's Q1 GDP will be due this week, a lower result may see bears trying to push lower.
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