AUD/USD news - page 22
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AUD/USD forecast for the week of July 20, 2015
The AUD/USD pair tried to rally initially during the week, but as you can see found the 0.75 level above a bit too resistive. Because of this, we feel that the Australian dollar will continue to go lower, and with gold breaking down through major support during the week, that should only accelerate this move. We feel that the AUD/USD pair is going to target the 0.70 handle, and perhaps even lower than that. We think rallies continue to offer selling opportunities off of short-term charts, and have no interest in buying.
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AUD/USD Forecast July 20-24
AUD/USD continues to struggle, as the pair trades at six-year lows. AUD/USD lost 50 points and closed the week at 0.7370.There are six releases this week. Here is an outlook on the major market-movers and an updated technical analysis for AUD/USD.
In the US, retail sales was dismal and consumer sentiment fell short, but the greenback managed to post more gains. Australian Consumer Sentiment posted another decline, and the Chinese trade surplus was smaller than expected. However, Aussie losses were limited as Chinese GDP remained steady.
* All times are GMT.
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The AUDUSD may drop to the 0.7300 level, but it seems like lossing steam at current levels.
With current situation i'm not really optimistic about the AUD.
RBA Minutes are out today ... Not as much a focus as you think - here's why
The Minutes from the July meeting of the Reserve Bank of Australia are due today
The Minutes will be pored over for hints and clues on the RBA's thinking on the path for rates, and for commentary on the Australian dollar
The Minutes always attract scrutiny ...
BUT ...
Today's release will fade in importance quite quickly as attention will turn to a speech we are awaiting from RBA Governor Stevens due tomorrow, Wednesday 22 July 2015 at 1.05pm Sydney time (that's 0305GMT), at the Anika Foundation.
Stevens speaks each year here and uses the speech to give his views on the economy and policy. There will be a Q&A following.
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For the time being, though, back to today.
In the statement accompanying the July decision the point was made that the RBA is in 'assessment' mode - waiting to see the impacts of the cuts already this year (in February and May). I expect we'll see further elaboration along that line in the Minutes and little hint of the specific timings for future interest rate decisions.
On the AUD, Stevens said in the accompanying statement "Further depreciation seems both likely and necessary, particularly given the significant declines in key commodity prices".He often uses that sort of language on the currency, and I don't expect we'll get much elaboration on that, either.
But, we'll see.
And, attention will then turn towards tomorrow's speech and what it might bring.
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Actually, for making profit very rapidly, it is possible to keep survive in this trading place by scalping.
Actually, for making profit very rapidly, it is possible to keep survive in this trading place by scalping.
Can you show some results?
AUD/USD: Aussie Fails to Rebound as Stevens & US Housing Persuade
The aussie declined against the US dollar on Wednesday, mirroring the the trading activity of its kiwi sibling as the greenback showed strength globally once the US macro calendar had published the first macro updates this week.
"There's not that much direction for the market," Nomura Securities International currency strategist Charles St-Arnaud noticed. "There's a feel of dollar strength with commodity prices falling. There was some risk aversion overnight."
Moreover, the aussie failed to escape the six-year hole after the AUD/USD cross dropped below the six-month support at 0.7500 earlier in July, as the prospects for a rate hike increase by the Federal Reserve (Fed) kept bearish pressure on the pair.
In the afternoon, the aussie was trading near its intraday lows, losing 0.63% to $0.7372, while the US dollar index edged back toward its three-month record at 98.30, rising 0.30% to 97.71 points.
Macro data push
As mentioned, the US dollar bulls cheered the first macro updates this week from the US in the form of May's House Price Index, along with buoyant existing home sales in June.
Initially, the Federal Housing Finance Agency showed that the House Price Index (HPI) reached 0.4% month-to-month in May, in-line with expectations, staying unchanged when compared with the upwardly revised figure booked in April.
Later in the morning, existing home sales grew 3.2% to 5.49 million in June, easily beating the anticipated pace of 0.9% to 5.40 million, after the revised 5.32 million reading in the previous month.
Meanwhile in Australia, the Reserve Bank of Australia (RBA) Governor Glenn Stevens acknowledged the positive effect of the weaker aussie for the Australian economy, while inflation figures rose during the second quarter according to the Australian Bureau of Statistics. However, the market survey had bet on a slightly more powerful hike.
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AUD/USD: Aussie Bears Reinforced By Downbeat China PMI
Bearish sentiment on the aussie was reinforced after Chinese factory production contracted at the steepest pace in 15 months in July.
The AUD/USD fell nearly 100 pips following the data, plummeting to a session low of $0.7268, a level not seen since May 2009. Later in the session, it recovered some of its losses to trade 0.72% lower at $0.7297.
The Caixin China manufacturing PMI rose from 49.4 in June to a preliminary 48.2 in July, where a figure below 50 signals a contraction in activity, while a reading above 50 indicates expansion.
China remains Australia's biggest trading partner, notably aussie's mining sector is very sensitive to manufacturing deceleration in world second largest economy.
A lower aussie is, however, cheered by the Reserve Bank of Australia (RBA). Bank Governor Glenn Stevens said that the weaker Australian dollar was having an "expansionary effect" on the economy, when he addressed an audience at the Anika Foundation Luncheon, in Sydney on Wednesday.
The Australian dollar has fallen from above parity with the US dollar in 2013 to around $0.73 recently, but has declined less so on a trade-weighted basis.
source
AUD/USD: Aussie Bears Reinforced By Downbeat China PMI
Bearish sentiment on the aussie was reinforced after Chinese factory production contracted at the steepest pace in 15 months in July.
The AUD/USD fell nearly 100 pips following the data, plummeting to a session low of $0.7268, a level not seen since May 2009. Later in the session, it recovered some of its losses to trade 0.86% lower at $0.7286.
The Caixin China manufacturing PMI rose from 49.4 in June to a preliminary 48.2 in July, where a figure below 50 signals a contraction in activity, while a reading above 50 indicates expansion.
China remains Australia's biggest trading partner, notably aussie's mining sector is very sensitive to manufacturing deceleration in world second largest economy.
A lower aussie is, however, cheered by the Reserve Bank of Australia (RBA). Bank Governor Glenn Stevens said that the weaker Australian dollar was having an "expansionary effect" on the economy, when he addressed an audience at the Anika Foundation Luncheon, in Sydney on Wednesday.
The Australian dollar has fallen from above parity with the US dollar in 2013 to around $0.73 recently, but has declined less so on a trade-weighted basis.
source