Aussie slightly lower in an overnight trade
The Australian dollar fell marginally in overnight trade, failing to receive a boost from strong gains in risk assets across European and US markets. In reality, having gained over 1% in Asia, the rally all but ran out of puff given an absence of market-moving events during the overnight session, including from the EU leaders summit in Brussels.
In the absence of hard economic data to dictate direction, something that would unlikely move the Aussie anyway given the continued focus on the UK Brexit, Capurso believe markets will be paying close attention to the second day of the EU leaders summit, something that will resume mid-afternoon in Sydney. While there have been a number of factors that have underpinned the Aussie’s rise — surging iron ore futures and a strong Australian consumer confidence report to name two — it still doesn’t fully explain the strength.
Aussie is currently being traded few points above 0.7430 level. Pair is likely to find support around 0.7350 handle and resistance above 0.75 level.
- Popular
-
UK still likely to leave the EU with a negotiated agreement, says Number 10
A successful deal with the European Union remains the “most… -
Sentix Investors Confidence rose to 14.7 in August
The summer heat in Europe is also causing economic temperatures… -
German factory orders -4.0% seasonally adjusted on the previous month
Based on provisional data, the Federal Statistical Office (Destatis) reports… -
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
China's exports are expected to have maintained solid growth in…
Tags
aud/usd2605
boe106
brexit96
china122
cpi147
daily fundamental2278
daily technical2199
ecb113
eur/usd1497
eurozone88
EurUsd1227
forex8896
gbp/usd1447
GbpUsd1111
gdp95
industrial production106
inflation73
interest rates219
ppi93
rba91
resistance71
retail sales125
support71
trade balance108
uk188
unemployment claims160
unemployment rate122
usd1004
weekly fundamental565
weekly technical419