AUD/USD news - page 8
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Australia holds interest rates steady for 13th month
Australia's central bank once again held its benchmark cash rate steady at 2.5% Tuesday and said current policy remained appropriate for the near future. The move was widely expected, with the Reserve Bank of Austrailia having last adjusted rates in August 2013, when it cut a quarter point. In his remarks accompanying the decision, RBA Gov. Glenn Stevens retained language identical to recent policy statements, saying "the most prudent course is likely to be a period of stability in interest rates." Stevens said inflation is expected to remain within the RBA's target range for the next two years, and repeated his previous comment that "resources-sector investment spending is starting to decline significantly." Neither the Australian currency nor the Sydney stock market showed much reaction to the move. The Aussie dollar AUDUSD, -0.42% was little changed at 92.97 U.S. cents, while the S&P/ASX 200 XJO, +0.33% held on to its 0.3% gain.
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Just read an article which said AUD/USD holds key support after uneventful RBA. AUD/USD has barely reacted to a neutral RBA monetary policy statement, and this time has been one of the quieter reactions to the RBA decision in recent months. Analysts from FXWW believe that 0.9270 is an important level after it failed to break last week despite bearish news. So far, AUD/USD still above 0.9270 and up to 0.9280
More articles: paper.li/BlackKnightFX/1368701336#!business
Australian dollar eases despite upbeat housing survey
The Australian dollar fell in Asia on Friday despite a private survey showing upbeat house construction.
USD/JPY traded at 105.37, down 0.11%, while AUD/USD fell to 0.9340, down 0.09%. EUR/USD traded at 1.2934, down 0.09%.
In Australia, the AI Group/HIA August construction index rose 2.4 points to 55.0, showing a third straight month of expansion.
In Japan, August 20-day exports fell 3.3% year-on-year and imports down 1.1% for a trade deficit of ¥902.5 billion.
Upcoming, Japan's September monthly economic report is due at 1400 (0500 GMT), the same time as the indices of leading, coincident and lagging indicators for July.
The coincident composite index (CI), which reflects current business conditions, is expected to post the first rise in two months in July, up by around 0.5 point. Economists expect the government to maintain its assessment that the Japanese economy has been "stalling."
Overnight, the dollar extended the strong gains it posted against most major currencies in the wake of robust U.S. service-sector data coupled with a European Central Bank decision to loosen policy, which pummeled the euro.
The central bank also lowered its deposit facility rate to -0.20% from -0.10% previously and its marginal lending rate to 0.30% from 0.40%.
The euro extended losses after ECB President Mario Draghi said the bank will begin an asset-backed securities purchasing program to shore up the recovery and steer the continent away from deflationary decline.
Draghi did not say how much debt the ECB planned to purchase, as further details will emerge in October.
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AUD/USD forecast for the week of September 8, 2014
The AUD/USD pair initially broke down during the course of the week, but found enough support near the 0.9250 level again to bounce and form a hammer. That being the case, look like we are probably heading back towards the top of this consolidation area, which is the 0.9450 region, which means that there simply is not enough room for longer-term players to be involved in this market as far as we can see. With that, we are looking for short-term opportunities, but have no interest in longer-term trades.
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Australia Jobs Ads Rise 1.5% In August
The total number of jobs in Australia was up 1.5 percent on month in August, the latest survey from the Australia and New Zealand Banking Group revealed on Monday - coming in at an average of 135,569 per week.
The August reading represents a 17-month high, and it follows the upwardly revised 0.5 percent increase in July (originally 0.3 percent).
Individually, newspaper ads gained 1.8 percent on month, while internet ads gained 1.5 percent.
Total job ads were up 7.7 percent on year in August.
AUD/USD hits 3-week lows on business confidence data
The Australian dollar fell to three-week lows against its U.S. counterpart on Tuesday, weighed by the release of disappointing business confidence data from Australia and as expectations for a U.S. rate hike continued to boost the greenback.
AUD/USD hit 0.9251 during late Asian trade, the pair's lowest since August 21; the pair subsequently consolidated at 0.9271, slipping 0.12%.
The pair was likely to find support at 0.9238, the low of August 21 and resistance at 0.9311, the high of August 21.
In a report, the National Australia Bank said its business confidence index fell to 8 last month, from a reading of 11 in July.
Data also showed that home loans in Australia rose 0.3% in July, disappointing expectations for an increase of 1.0%. June's figure was revised to a 0.1% gain from a previously estimated 0.2% rise.
Meanwhile, the greenback found further support after a study by the San Francisco Federal Reserve published on Monday indicated that Fed officials see rates rising earlier than markets expect.
The U.S. dollar has strengthened in recent weeks amid expectations that the Fed may announce a rate increase earlier than expected after economic data indicated that the recovery in the U.S. is progressing strongly.
The Aussie was lower against the euro, with EUR/AUD edging up 0.10% to 1.3905.
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No more resilience: AUD/USD slips below 0.92
In the recent dollar storm, there were was one currency that managed to hold its ground quite well: the Aussie.
This seems to be over now as the Aussie slips to a multi-month low. What are the next levels to watch?
The euro had Draghi to drag it down. The pound had the Scottish referendum polls. The yen had a weaker economy and less safe haven status. The New Zealand dollar had lower prices of milk.
The Aussie had strong GDP. It managed to touch 0.94 not that long ago: just on Friday, riding on temporary USD weakness following the weak NFP.
Recent data from Australia hasn’t been too good, but it surely cannot explain the downfall. NAB Business Confidence slipped from 10 to 8 points and home loans grew by only 0.3%, weaker than 1.1% expected. These are not top tier indicators and cannot explains the sell-off.
It finally succumbed to pressure and free-fell below 0.9250, which was strong support. From there, it was all downhill, with the pair slipping under 0.92 and reaching a new low of 0.9187. This is the lowest since March.
The next support line is only at 0.9135. It is then followed by 0.9050, just before the round number of 0.90.
Below the round number, we find 0.8910.
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Well it seems like the AUDUSD has found a good support around the 0.9200 round number level. We may still see a bounce to the upside from this zone.
Aussie dollar slumps to 5-month low as USD flexes muscle
The Australian dollar nursed a second session of heavy losses early on Wednesday as investors unwound popular carry trades amid a pick-up in market volatility and further gains in U.S. Treasury yields.
Standing out from the other major currencies, the Aussie fell 0.9 percent on Tuesday, following on from Monday's 1.0 percent drop. It slid to its lowest in over five months at $0.9188, before edging back to $0.9210.
The Aussie's setback was sparked by a broad rally in the U.S. dollar. Investors seemed to be repricing the risk of an earlier U.S. interest rate hike after interpreting a Federal Reserve study as suggesting they were underestimating such a move.
"The approach of next week's FOMC meeting appears to be pushing markets to reconsider the relatively low policy risk premium still reflected in the front-end of the U.S. curve," noted analysts at BNP Paribas.
U.S. Treasury yields have moved up as a result with the two-year within sight of a three-year peak of 0.590 percent set in late July. The 10-year yield popped back above 2.50 percent, off a recent low of 2.30 percent.
The rally in yields helped the greenback hit a fresh six-year high just shy of 106.50 yen. It also firm against many emerging markets currencies.
The euro, though, managed to halt its slide against the greenback after slumping to a 14-month trough of $1.2859 in European trade on Tuesday. It last traded at $1.2935.
Sterling also saw a bit of a reprieve despite ongoing worries about Scottish independence. It steadied at $1.6105 , having carved out a fresh 10-month low of $1.6060.
That knocked the dollar index to 84.143 from a 14-month high of 84.519. But it is still within striking distance of its 2013 peak of 84.753, with a break there taking it to highs not seen since mid-2010.
Traders said the current theme of a firmer U.S. dollar is likely to dominate given an absence of market-moving data in Asia.
On Thursday, a policy review by New Zealand's central bank, employment data from Australia and China's inflation figures will take centre stage.
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AUD/USD holds steady, Australian jobs data supports
The Australian dollar was steady against its U.S. counterpart on Thursday, trading above Wednesday's six-month lows as the release of strong employment data from Australia lent support to the Aussie.
AUD/USD hit 0.9218 during late Asian trade, the pair's highest since September 9; the pair subsequently consolidated at 0.9158, up 0.01%.
The pair was likely to find support at 0.9110, Wednesday's low and a six-month low and resistance at 0.9288, the high of September 9.
In a report, the Australian Bureau of Statistics said the country's economy added 121,000 last month, beating expectations for an increase of 12,000. July's figure was revised to a 4,100 decline from a previously estimated 300 fall.
The report also showed that Australia's unemployment rate ticked down to 6.1% in August from 6.4% in July, compared to expectations for a decline to 6.3%.
Separately, the Melbourne Institute said inflation expectations for Australia in the next 12 months rose to 3.5% in August, up from 3.1% in July.
Meanwhile, demand for the greenback remained supported by expectations for an early hike in U.S. interest rates. A study by the San Francisco Fed published on Monday indicated that central bank officials see rates rising sooner than markets expect.
The Aussie was higher against the New Zealand dollar, with AUD/NZD rising 0.21% to 1.1200.
Also Thursday, the Reserve Bank of New Zealand held its benchmark interest rate at 3.50%, in a widely expected move.
The central bank also signaled that it will keep interest rates on hold for a longer period of time after lowering inflation forecasts to 1.4% in the 12 months ending March 31, down from the 1.8% forecast in June.
Commenting on the decision, RBNZ Governor Graeme Wheeler said "it is prudent to undertake a period of monitoring and assessment before considering further policy adjustment."
Wheeler also said he expects "a further significant depreciation" in the New Zealand dollar.
Later in the day, the U.S. was to produce the weekly report on initial jobless claims.
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