wrapper

Aussie still near seven month lows

Wednesday, Dec 28 2016
Aussie still near seven month lows

There were no major dana releass from Australia today. The Australian Dollar continued to hover near a seven-month low against the Greenback on Wednesday in a lackluster trade. The New Zealand Dollar posted a similar move, but near its lowest level since June 3. Both Forex pairs managed to post small gains, but that was more likely because of end-of-the-year profit-taking and position-squaring.

The main driver of the recent sell-off has been the demise of the carry trade. Rising U.S. interest rates have made the dollar a more attractive investment at the expense of the Aussie and Kiwi. However, on Tuesday, investors reacted to concerns over Chinese growth. At the end of last week, Chinese President Xi Jinping indicated that he wasn’t wedded to the 6.5 percent economic growth target amid concerns about rising debt and an uncertain global environment after Donald Trump’s election win in the U.S.

 

Aussie is currently being traded around 0.7180 level. Pair is likely to find support around 0.7150 handle and resistance above 0.7220 area.

More in this category: « Most British companies are optimistic about the future post-Brexit UK mortgage approvals down by 5% compared to a year before »

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.