USD Trading Outlook
The Australian Dollar (AUD): AUD consolidated the gains inspired by another strong OZ jobs data and also a better than f/c China trade data. The pair held within the 0.9370-95 zone. However, bigger impact on AUD was felt vs the EUR on Draghi's comments. EUR/AUD sat near 1.4870 into ECB rate decision and shot briefly above 1.4900 in the early comments. His tip to the GC being comfortable taking action "next time" sent the pair spiralling lower. RBA's SOMP will be due at 01:30GMT, indication of an improving economy would help the AUD.
The Australian Dollar (AUD): The pair traded in a bearish tone to a low of 0.9319. Yellen's testimony weakened the USD, her tip to recent housing weakness and continued sloppy labour sent U.S yield tumbling. AUD/USD lifted off the lows and hit 0.9343 where it sat late in the session. Oz job data is due later today and the f/c to deteriorate slightly. If it comes in weak, then gains may be erased and key support near 0.9200 may be retested.
The Australian Dollar (AUD): Europe ran stops above 0.9315 just before NY walked in. Broad based USD pressure and the basically unchanged RBA statement gave bulls courage to push the pair towards 0.9340 into NY's open. The USD found little relief from bears for most of NY and AUD/USD rallied to a 0.9367 high. Persistent downward pressure on the US 10-year yield kept the greenback on its heels. AUD/USD saw only a minor pullback and sat just above 0.9360 late in the session. Markets look to Oz Q1 retail sales & China's April HSBC Services PMI. Oz sales are f/c to improve to 0.4% vs the prior 0.19% while the mkt looks to see if China's services can hold ground near March's 51.9 result. Sold results could see AUD/USD's recent rally push further.
The Australian Dollar (AUD): After the inspired rally to the 21-DMA, the AUD/USD lost steam and settled into 0.9252/0.9285 range for both Europe and NY sessions. Narrowing yield spreads and trend resistance off April high managed to cap bullish momentum and aldo due to upcoming RBA meeting aided to keep action subdued. No major changes are expected from the RBA today but traders may see risks lean to the dovish side. Aus inflation and other econ releases have fallen short of forecasts and may get mention by Steven.
The Australian Dollar (AUD): A much better than expected NFP number ripped the AUD/USD lower to test support near the April low. A low of 0.9203 was made and no further losses were seen as the market took a look at the internals of the jobs data and decided the report wasn't the game changer to what the market was looking for. The pair rallied to a high of 0.9275 and little pullbacks were seen. A fairly active week for the AUD, with the RBA rate decision (unchanged f/c), employment and the RBA's MPS.
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