10.09.2019
The Australian dollar fluctuated in a narrow range tilted to decline during the Asian session to witness a rebound for the second session from its highest since late July against the US dollar following the developments and economic data followed by the Australian economy and on the eve of developments and economic data expected on Tuesday by the US economy Economy in the world.
At 02:37 am GMT, the Australian dollar against the US dollar fell by 0.09% to 0.6856 levels compared to the opening levels at 0.6862, after the pair achieved the lowest during the trading session at 0.6851, while the highest level at 0.6869.
The Australian economy followed the release of the Australian National Business Confidence Index, which showed a widening of 1 to 4 in July, and a reading of the same indicator of confidence in current conditions also showed a widening of 1 to 3. In July, this came hours before the release of September's Wesbeck consumer confidence index on Wednesday.
On the other hand, investors are awaiting the US economy for the release of the employment and employment turnover, which may reflect a decline to 7.31 million compared to 7.35 million in June, following hours of US labor market data for August. Last Friday showed the unemployment rate stabilized at 3.7% for the third month in a row in line with expectations.
In the same context, we also followed last weekend's Average Hourly Earnings showing that the pace of growth accelerated to 0.4% compared to the previous reading for July and expectations of 0.3%, while the change in jobs index in sectors other than agriculture at the time showed a slowing pace of creation The number of jobs added to 130 thousand jobs compared to 159 thousand jobs added in July, contrary to expectations that indicated 163 thousand jobs added.
In the same context, Powell said that employment data remains above the average range, while addressing the fact that the Federal Open Market Committee is committed to achieving the inflation target at 2%, and expressed the levels of neutrality of the leader has fallen during the past two decades to between 2% and 3%, adding Central banks will be less able to cope with the economic slowdown by cutting interest rates.
AUDUSD has been trading around 0.6860 since yesterday, as the Stochastic lost its positive momentum, whilst we are still waiting for further rally to test the resistance of the ascending channel around 0.6900 before returning to the downside again.
Therefore, we hold onto our positive outlook unless 0.6830 is breached and remains intact with a daily closing below it.
Expected trading range for today is between 0.6830 support and 0.6900 resistance.
Expected trend for today: Bullish.
Thank you for subscribing to our analytics
You already subscribed
Don't have your language?
