The Aussie closed the week higher against the Greenback at 1.0716, up 0.45% for the day and up 0.2% for the week by the close of Friday’s trading. The Aussie rallied to a three-week high against the Greenback following poorer than expected US economic data and increased expectation that the US Federal Reserve will maintain its loose monetary policy.
Here’s a quick update on technicals, fundamentals and community trends.
- Previous sessions: Friday had the Aussie trade sideways in the first art of the session, dipping to its low of the day towards mid-day and then rallying throughout the afternoon, consolidating to its close of the week towards the end of the session. before consolidating to its closing level.
- Current range: 1.0596 – 1.0775
- Further levels: Below: 1.0694, 1.0705, 1.0713 Above: 1.0732, 1.0743, 1.0751
- AUD / USD likely to find support at 1.0588, and resistance at the high of 1.0888.
- 01:30 Australia MI Inflation Gauge m/m Prev. 0.3%
- 02:30 Australia ANZ Job Advertisements m/m Prev. 1.0%
- 08:30 US FOMC Member Plosser Speaks
- 18:15 US Treasury Sec Geithner Speaks
- 22:30 US FOMC Member Fisher Speaks
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
- The Aussie rallied to a 3 week high against the Grenback, on the back of a slew of disappointing US economic data.
- The US reported Friday a much lower than expected increase of non-farm payrolls. The figures showed an increase of 54k, significantly lower than the expected 169k.
- Poor US economic data released last week included an increase in the US unemployment rate from 9.0% to 9.1% in April, and a slump in consumer confidence and manufacturing activity.
- Australia reported in increase in retail sales, but a narrower trade surplus in April.
- The Australian economy contracted 1.2% for the first quarter, higher than the expected 1.0%. This was due to lower exports as a result of the natural disasters to have hit Australia during the first quarter.
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