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That is very much on track,” said Stevens.Īddressing AUD strength, something that the RBA governor has frequently tried to jawbone down, Stevens said that: “The long-running equilibrium of the exchange rate is probably lower and we have been quiet consistent in saying that.” Stevens added: “Happily enough the currency is now well down off its peak. “We are going to have a boom in residential construction over the next couple of years. Speaking in Hong Kong, Stevens predicted a boom in Australian housing construction, however warned that he had concerns over the level of leverage in the market. The Aussie dollar has also been given some support by increasing bets that Beijing will roll out stimulus measures to prop up the Chinese economy following a slew of weak data. On the upside, 0.7250 will be the immediate resistance ahead of 0.7300.FXStreet (London) - The Australian dollar remains bullish following comments from Reserve Bank of Australia governor Glenn Stevens.
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The pair is expected to test the YTD lows around the 0.7100 mark. It indicates that the pair is already on the way to hitting fresh monthly lows. Meanwhile, the average daily range is 41% so far. The rejection bar posted a very high volume. The AUD/USD price failed to find acceptance above the 20-period SMA on the 4-hour chart. – Are you interested to learn more about automated forex trading? Check our detailed guide- AUD/USD price technical analysis: Bearish dominance under 20-SMA The American Petroleum Institute (API) and Energy Information Administration (EIA) will release weekly inventory data in 48 hours. Chinese traders evaluate potential releases from government reserves, while other US news organizations coordinate their releases. The Australian dollar performed well outside the dollar, appreciating against the safe-haven Japanese yen and Swiss franc.Īfter the commodity came under buying pressure the previous day, crude oil prices recovered from their six-week lows. DXY, the general dollar index for the year, reached a new high, darkening to 96.5. It was not risk aversion that initially weakened the AUD/USD pair but rather the strength of the US dollar as the market abandoned its reluctant bets on Brainard’s slim chances to lead the Fed. However, Dow Jones managed to gain 0.5% that day. As bond yields rise when prices fall, interest rate-sensitive technology stocks have likely been impacted. In addition, Biden’s announcement triggered a heavy sell-off of government bonds. However, as of the close of trading, prices had fallen sharply, with the high-tech Nasdaq 100 index (NDX) closing 1.16% lower. The markets were pleased with the Fed’s continuity during most of the day. The increase in vaccination rates is a good sign for the Australian economy. In addition, the country’s production activity jumped from 58.2 to 58.5. The November rate was the highest since June before the massive lockdowns went into effect. Despite the massive lockdowns, the November service PMI reached 55.0 instead of 51.8. Rate hike bets soared on the news.ĪUD/USD might see some upside after Markit Economics reported gains in the Australian services sector on the purchasing managers’ index. Some advocates for progress were disappointed when Ms. In recent weeks, bets on underdog Lael Brainard rose as a result of Biden’s decision. The Australian dollar fell in overnight trading against the US dollar following the re-appointment of Fed chairman Jerome H. – Are you interested to learn more about forex signals? Check our detailed guide. The AUD/USD price analysis shows a strongly bearish scenario for various fundamental reasons, while the technical picture tells the same story.
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