Speculation of a further RBA policy easing exerted some fresh downward pressure. The recent positive trade-related developments failed to inspire the Aussie bulls. Investors look forward to the US economic releases for some meaningful impetus. The AUD/USD pair came under some renewed selling pressure on Wednesday and remained well within the striking distance of over one-month lows set earlier this week. The pair failed to capitalize on the previous session’s attempted recovery move, supported by positive trade rhetoric, and edged lower during the Asian session on Wednesday despite better-than-expected Aussie data. Weighed down by renewed RBA easing speculations According to the trend estimates, Australia’s total Construction Work Done fell 0.4% during the third quarter of 2019 as against a drop of 1.0% expected and the previous quarter’s upwardly revised reading of -2.8%. However, the fact that the gauge marked the fifth straight quarterly decline reinforced prospects for a further monetary policy easing by the Reserve Bank of Australia (RBA) and exerted some fresh downward pressure. This comes on the back of the recent trade news fatigue and turned out to be one of the key factors that weighed on the China-proxy Australian dollar despite improving global risk sentiment/the prevalent risk-on mood. In the latest trade-related developments, the US President Donald Trump said on Tuesday that we are in the final throes of a very important deal with China that would defuse a 16-month trade war. Meanwhile, investors seemed hesitant to place any aggressive directional bets, rather preferred to wait on the sideline before the actual deal is signed, which might eventually lead a subdued/range-bound price action. Moving ahead, Wednesday’s US economic docket – highlighting the release of Durable Goods Orders and the second estimate of Q3 GDP growth figures – might influence the US dollar price dynamics and provide a fresh impetus. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NEO Price Analysis: NEO settles in a range with downside bias FX Street 3 years Speculation of a further RBA policy easing exerted some fresh downward pressure. The recent positive trade-related developments failed to inspire the Aussie bulls. Investors look forward to the US economic releases for some meaningful impetus. The AUD/USD pair came under some renewed selling pressure on Wednesday and remained well within the striking distance of over one-month lows set earlier this week. The pair failed to capitalize on the previous session's attempted recovery move, supported by positive trade rhetoric, and edged lower during the Asian session on Wednesday despite better-than-expected Aussie data. Weighed down by renewed RBA easing speculations According to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
