Aussie little changed in a quiet Friday trade

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Friday, Jul 22 2016

There are no major data releases from Australia and USA today. The Australian dollar continues to sink, weighed down by growing bets that the Reserve Bank of Australia (RBA) will cut interest rates in less than two weeks’ time along with ongoing US dollar strength. As is the case on quiet data days, the performance of Chinese stocks, the USD/CNH and crude oil futures may also sway the Aussie.

The Australian dollar has edged lower as traders wait on next week’s quarterly consumer prices data, which could trigger a Reserve Bank rate cut. “With a near 60 per cent probability priced in for an August Reserve Bank rate cut, there has been little appetite to chase Aussie moves lower,” OANDA Australia and Asia Pacific senior trader Stephen Innes said.

Aussie is currently being traded few points below 0.7480 level. Pair is likely to find support around 0.7450 handle and resistance above 0.7550 level.

More in this category: « German Manufacturing PMI fell in July UK Manufacturing PMI at a 41-month low »

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