This currency pair continued its recent side in early trade on Friday, pressured by dollar strength driven by soaring Treasury yields and increasing bets of further interest rate hikes.
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AUD/USD refers to the Australian Dollar/ US Dollar major currency pair. AUD/USD is one of the most actively traded currency pairs in Forex, with exceptional liquidity and high trading volume....
However, the Australian Dollar, or “Aussie”, as it is nicknamed in the Forex community, is not one of the six foreign currencies in the US Dollar Index, used to establish the value of USD dollar. Much of the popularity of the AUD/USD currency pair is due to the fact that the Australia is rich in natural resources like coal, iron ore, meat and wool. As a result, the AUD/USD is strongly influenced by commodity price shifts. A major trading partner and purchaser of Australian commodities is China, so the Chinese economic climate will have a substantial impact on the currency price. The price of both the Australian Dollar and the US Dollar, can be influenced by the interest differential between the Reserve Bank of Australia and the US Federal Reserve, as changing rates can weaken or strengthen a currency. So, for example, a weaker USD would give AUD/USD a boost. It is also worth noting that AUD/USD, which is quoted in USD, has a negative correlation with USD/JPY, USD/CHF, and USD/CAD.
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Given the RBA’s hawkish outlook and expected rate hike next week, market participants will closely eye upcoming local PMI and employments data.
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The pair’s latest move lower came on Wednesday after the Fed increased its benchmark interest rate to the 3.75% to 4.00% range and flagged increasing borrowing costs in the months ahead as the central bank attempts to combat persistent inflationary pressures...
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The pair entered this week under pressure as market participants have now priced in a near certain U.S. interest rate hike this week and flocked to the safe-haven dollar following escalating tension in the Middle East that has pushed West Texas Intermediate back over $100.
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The Australian dollar could come under further pressure later today when market participants get a read on consumer inflation, which is expected to show core inflation climbing 0.2% last month, taking the annual rate to 3.4%.
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Despite the pair initially selling off following U.S. nonfarm payrolls and unemployment data exceeding economists’ expectations, buyers quickly re-emerged, suggesting underlying bullish sentiment and a focus on growing expectations that the Reserve Bank of Australia (RBA) will...
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This latest data combined with sticky domestic inflation continues to support the AUD/USD as expectations of a September rate hike grow.
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The question remains whether Friday’s sell-off represents a pause in the pair’s recent bullish momentum or the start of a broader reversal.
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H1: Warsh's Jackson Hole Speech Exposes Dangerous AUD/USD Bullish Trap
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While rising bond yields and news of the Treasury Department doubling its buyback program has helped push the Aussie dollar to recent multi-month highs on dollar weakness, the pair took a breather on Monday
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The Aussie Dollar (AUD/USD) climbed to a fresh multi-month high in early trade on Friday, with the pair getting a boost from an uptick in risk-on sentiment following the US turning to new economic measures on Iran rather than further military strikes.
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Tame U.S. inflation has the Aussie dollar eyeing a potential breakout, but ongoing geopolitical tensions remain in focus. Discover key support and resistance levels worth watching..
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Will a hot U.S. jobs report trigger an AUD/USD breakdown? Watch these key support levels as the Aussie dollar tests a crucial rising wedge pattern ahead of key employment data.
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The Aussie dollar is eyeing a breakout toward 0.7115 as USD weakness triggers a bear trap. Here are the key technical levels to watch.
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AUD/USD had been trying to hold onto its recent recovery, but the tone has shifted. What looked like a relatively stable stretch has started to feel more fragile.
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