wrapper

Aussie stable above 0.76 handle

Friday, Mar 18 2016
There were no major data releases from Australia this morning. The Australian dollar continues to soar amid a relentless greenback sell-off following the US Federal Reserve’s policy announcement. The Australian dollar is expected to grind higher to 78 U.S. cents in the near term before losing momentum after reaching its highest level since July 2015 on broad-based U.S. dollar weakness overnight.
"Reaction to the FOMC's more cautious tone and downshift in its 2016 interest rate projects has continued to weigh on the U.S. dollar," Commonwealth Bank of Australia senior currency strategist Elias Haddad said. U.S. dollar weakness helped boost key commodities overnight, supporting the local unit. 
 
However, a strong Aussie dollar could hurt the growing services and tourism sectors, but also the Reserve Bank of Australia's inflation forecasts, leading to expectations of a rate cut. "The RBA emphasized that inflation is likely to be the main driver of any further rate cuts in their minutes released on Tuesday," IG market analyst Angus Nicholson said.
 
Aussie is currently being traded around 0.7620 area. Pair is likely to find support around 0.7550 handle and resistance above 0.7680 level. Later today, in the US session, Consumer Sentiment figures are scheduled for a release.
More in this category: « German PPI decreased by 0.5% US Consumer Sentiment unexpectedly declined to five-month low »

Latest from Editor

About Us

Forex Web News is part of Rolling Capital Network providing financial consulting.

Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.

Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.

.

All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.

We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.

Disclaimer

Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.