AUD/USD news - page 31
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AUD/USD trades near one-month low - orders
AUD/USD down 26 pips to 0.7029
AUD/USD has been chopping around 0.7025 since briefly touching a one-month low. Copper prices have bounced and the US dollar has lost some of its momentum as Treasury yields decline.
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AUD/USD: Aussie Remains Elevated, Ignores Weaker Commodities The aussie edged higher and the AUD/USD pair was trading near daily highs around $0.7060 as the Australian dollar seems to be ignoring all the "bad news" from China.
Chinese industrial production in October ticked lower from 5.7% to 5.6% year-on-year and missed estimates of a 5.8% print, while the year-to-date gauge also decreased from 6.2% to 6.1%. Retail sales in October only marginally improved from 10.9% to 11.0%, while investment in non-rural fixed-assets decelerated from 10.3% to 10.2%.
"Despite the Chinese central bank easing monetary policy six times in the last twelve months there remains little evidence that these relaxations of policy are showing in the latest economic data. At the weekend the latest trade data showed an 18.8% slump in imports for October, the 12th monthly decline in a row, which in turn helped lower expectations surrounding this morning's October industrial production and retail sales data reports," Michael Hewson, chief market analyst at CMC Markets UK said on Wednesday.
The weakening Chinese data were ignored, and the same trading pattern was seen as when slowing trade balance and inflation figures were published earlier in the week.
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Aussie Keeps Gains, Advances 1% The Australian employment change for October came out at 58,600, sharply above estimates of 15,000 and the previous figure of -5,100 was revised to -800. Moreover, the unemployment rate unexpectedly dropped from 6.2% to 5.9% and the participation rate ticked higher from 64.9% to 65.0%.
Importantly, the jobless rate is now below 6-6.25%, where the RBA expects it to be over the next year.
The Australian dollar soared on these news, with the AUD/USD pair jumping around 70 pips to trade at $0.7140 during the London session.
"October was officially a booming month for job creation in both the US and Australia, leaving AUD/USD back where it started. The prospect of higher US rates both in Dec and early 2016 should underpin USD/majors but AUD is starting to look like an outperformer, at least short term. While Australia’s jobs gain in Oct seems overdone, there is little dispute that data momentum supports a steady RBA hand and should squeeze AUD shorts. However, commodity prices aren’t very helpful for AUD short term," analysts at Westpac wrote on Thursday.
Industrial commodities, such as oil, copper, silver, iron ore, etc remain under bearish pressure, which might be negative for the Australian dollar and slow down any attempts at appreciation.
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Support was efficient!
AUD/USD forecast for the week of November 16, 2015 The AUD/USD pair had a slightly positive week, bouncing off of the 0.70 level. Because of this, the market looks as if it is ready to continue consolidating overall, but it is a relatively tight range to deal with, so having said that it’s very unlikely for us to start placing longer-term trades at this moment. We like shorter-term charts though, as we could trade back and forth in this general vicinity. Ultimately, we will simply sit on the sidelines and wait to see whether or not we get an impulsive candle that we can trade.
AUD/USD: Risk-Off Sentiment Drives US Dollar Up at Expense of Aussie A risk-off mood on the markets meant the US dollar benefited from the uncertainty in early trading hours and has held onto some early gains.
The aussie dollar reached daily lows and has been testing the $0.71 region. The pair is trading at $0.71062, down 0.16% but has reached daily lows of $0.7098.
In the wake of the Paris terrorist attacks on Friday, the aussie fell like other risk assets and was under modest pressure in early Asian trade.
US data
On Friday, October retail sales in the US were seen softer than expected. The important control group rose 0.2% against expectations of a 0.4% rise. The October data points to private consumption growth around 3%.
The University of Michigan consumer confidence rose more than predicted to 93.1 from 90 in October, with inflation expectations stabilized at 2.5%.
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Looks like H&D in the making.
The AUD/USD stays in a bearish channel on the daily chart, even though it has been oscillating around the 0.7100 level.
AUD/USD: Aussie Jumps to Daily Highs The US dollar was correcting previous gains and was seen broadly lower on Wednesday, which pushed the AUD/USD pair to daily highs and it was trading around $0.7115 during the London session, booking small gains.
Commodities were trading mixed on Wednesday, but industrial commodities remain under heavy bearish pressure and are treading at multi year lows, which is expected to keep the Australian dollar sold on rallies.
Later in the day, US housing data are due, which will be followed by the Federal Open Market Committee minutes from October's Federal Reserve meeting, which hit the markets with a surprisingly hawkish monetary policy statement.
According to the CFTC and Rabobank's research, net AUD shorts moved higher. Weak coal and iron ore prices remain a source of pressure, while USD longs have climbed for the third consecutive week on anticipation of a rate hike from the Fed in December.
Earlier on Tuesday the RBA released minutes from its November 3 meeting, at which the RBA adopted a slight easing bias due to weak inflation figures for the third quarter.
The AUD/USD pair has been consolidating in a triangle pattern on the daily time frame, with the strong resistance of the upper line around $0.71250. If this resistance gets cleared out, the pair might jump toward the $0.72 mark in the near term.
AUD/USD: Aussie Soars, Cancels Bearish Bias The Australian dollar used the ongoing US dollar correction and booked solid profits as it was trading nearly 1% higher on Thursday around $0.7170, breaching above some key resistances.
"The commodity market took a battering as zinc, copper, lead and nickel all traded near their lowest levels in five to seven years. Oil prices edged up slightly on short covering. Crude gained 22 cents to $40.97 a barrel, while Brent added 43 cents to $44.57," Dominic Stewart at ETX Capital said on Thursday.
Declining commodities should be aussie negative, although the pair looks like it wants to move higher on short covering as it broke from the bearish trend, with the possible upside potential toward $0.730.
Wednesday's Federal Open Market Committee minutes brought no new information to the December rate hike case and the Fed will likely hike rates in December. However, the greenback was sold-off notably and remained lower on Thursday against major peers.
"Most participants anticipated that, based on their assessment of the current economic situation and their outlook for economic activity, the labor market, and inflation, these conditions could well be met by the time of the next meeting," according to the minutes from the 27-28 October meeting.
Moreover from the US dollar perspective, jobless claims are due later in the day, expected to slightly improve from last week's levels, although no volatility should come after the data. Meanwhile, Atlanta Fed President Dennis Lockhart is due to speak and as he is a voting member, his speech will be eyed by traders.
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