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COZfx: AUD/USD almost unchanged after Australian data

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COZfx: AUD/USD almost unchanged after Australian data

Postby dwang » Fri Jul 18, 2014 3:26 am

COZforex: The Australian dollar was almost unchanged against its US counterpart on Thursday, after the release of tepid Australian economic reports as comments from Federal Reserve Chairwoman Janet Yellen continued to support the greenback.

AUD/USD hit 0.9382 amid late Asian trade, the session high; the pair subsequently consolidated at 0.9369, inching up 0.01%. The pair is expected to find support at 0.9335, and a fall through could take it to the next support level of 0.931. The pair is expected to find its first resistance at 0.9378, and a rise through could take it to the next resistance level of 0.9396.

In commodities, COZforex senior currency strategist Ian • Quigley said, LME Copper prices rise 0.1% or $9.5/MT to $ 7112.0/MT. Meanwhile, Aluminium prices rise 1.8% or $34.5/MT to $ 1962.5/MT.

In a report, the National Australia Bank said its business confidence index ticked down to 6 in the second quarter, from a reading of 7 in the first quarter, whose figure was upwardly revised from a previously estimated reading of 6.

Additionally, the Conference Board said its leading index for Australia rise by 0.2% in May, after a 0.2% fall in April, whose figure was revised from a previously estimated 0.1% decline.

Meanwhile, demand for the greenback remained supported after Ms. Yellen said Tuesday that rates could rise sooner if the economic recovery continued to improve. However, the Fed chair also said that if the recovery was disappointing monetary policy would remain accommodative.

Later in the day, the US was to publish reports on initial jobless claims, housing starts, building permits, and the Philly Fed manufacturing index.


(COZ forex UK)
dwang
 
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Re: COZfx: AUD/USD almost unchanged after Australian data

Postby KerryPrad » Tue Aug 26, 2014 8:27 pm

This is quite an exciting development, as we could have been expecting a decline as data released form Australia wasn't too satisfying following increasing political friction between Ukraine and Russsia- yet the AUD could relatively maintain its place against the USD. According to reports, AUD/USD hit 0.9309 during late Asian trade, the session low; the pair subsequently consolidated at 0.9319, dipping 0.01%.
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