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Aussie lower in a quiet Friday trade

Friday, Aug 19 2016

There were no data releases from Australia yesterday. The US dollar is enjoying a mid-week bounce against all the major currencies. It appears that participants in Asia and Europe are giving more credence to NY Fed Dudley's comments yesterday. Although many in the market have given up on a rate hike this year, Dudley reaffirmed his belief that the economy was accelerating in H2 and that the market was being too complacent.

 

The Antipodean currencies are the weakest performers today, and this is despite as expected wage growth in Australia and a strong jobs report in New Zealand. The Australian dollar is off nearly 0.9%. The Australian dollar has benefited as investors accepted in that interest rates would be lower for longer in US, Japan, and Europe. Equities, commodities, and emerging market have appealed to investors.

 

Aussie is currently being traded around 0.7630 area. Pair is likely to find support around 0.76 handle and resistance near 0.7680 level.

Last modified on Saturday, 20 August 2016
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