AUD/USD continues a downtrend, pressured by solid US data, weak Aussie report – by christianborjon AUDUSD Currencies Majors
speakers were the main drivers of the US Dollar appreciation against the Australian Dollar . At the time of writing, the AUD/USD Is trading at 0.6606.Wall Street continues to print gains amidst an upbeat market sentiment. The US debt ceiling discussions would continue through the latest comments by US House Speaker Kevin McCarthy, who said it’s essential to have an agreement principle this week and emphasized that the US Congress must vote next week to meet the “default” deadline.
Aside from these comments, a strong labor market report by the US Bureau of Labor Statistics showed that unemployment claims continued to downtrend. Initial Jobless Claims for the last week ending on May 13 rose by 242K below estimates and the prior’s week figures of 254K, though it should be said that figures from the last’s week were “inflated” by fraud in a claims report in Massachusets.
Meantime, the Philadelphia Fed Manufacturing Index plunged to -10.4, less than the estimated fall of -19.8, and improved compared to April’s -31.3. The improvement is mainly attributed to a recovery in new orders, though the employment subcomponent deteriorated while a price gauge rose. Although hiring moderated, higher prices paid by producers would deter the Federal Reserve from pausing its tightening cycle.
Therefore, the AUD/USD continued its downtrend and hit a daily low of 0.6604 as US data hit the screens. The US Dollar Index is soaring sharply more than 0.50%, up at 103.574, about to test the 2017 high of 103.820. A breach of the latter could weigh on the AUD/USD, which is about to dive below the 0.6600 figure, with the following support area found at the April 28 low of 0.6573.
The AUD/USD weakened during Thursday’s Asian session; the latest Australian jobs report showed the economy lost 27,100 jobs, and the unemployment rate rose from 3.5% to 3.7% in April. Even though it remains at historically low levels, the report could help the Reserve Bank of Australia to hit its inflation target of 2%-3%. The market expects the RBA to hold rates unchanged at its June 7 meeting.remains downward biased and might accelerate its fall toward the April 18 low of 0.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD slides amidst US economic resilience, weaker Chinese dataAUD/USD retraces from daily highs of 0.6709 and drops 0.62% after a slew of economic data from the United States (US) showed that the economy remains
Read more »
AUD/USD bears attack 0.6650 on strong US Dollar, Australia Wage Price eyedAUD/USD justifies its risk barometer status as it remains pressured near 0.6650 amid early Wednesday morning in Asia, after reversing the week-start g
Read more »
AUD/USD Price Analysis: Faces selling pressure near 0.6660 amid mixed Australian Wage Price Index dataAUD/USD Price Analysis: Faces selling pressure near 0.6660 amid mixed Australian Wage Price Index data AUDUSD RBA DollarIndex Inflation SupportResistance
Read more »
AUD/USD: Extra decline on the table below 0.6630 – UOBFurther retracement in AUD/USD appears likely while below the 0.6630 level, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB
Read more »
AUD/USD remains depressed around mid-0.6600s, just above two-week low on stronger USDAUD/USD remains depressed around mid-0.6600s, just above two-week low on stronger USD – by hareshmenghani AUDUSD Fed Recession Majors Currencies
Read more »
AUD/USD Forecast: Dollar is Still in the Same RangeDuring Tuesday\u0027s trading session, the AUD/USD exhibited a back-and-forth movement;
Read more »