The Australian Dollar traded lower Thursday against the US dollar following worse than expected US employment and trade deficit reports. These have added to concerns over the global economy.
The Aussie was trading at 1.0007, down 1.00% at the time of this writing.
Here’s a quick update on technicals, fundamentals and community trends.
- Previous sessions: The Aussie traded lower throughout the day reaching a low of 0.9994 by mid-afternoon. In the late afternoon it rebounded to 1.0023 before consolidating to its current level.
- Current range: 0.9991 – 1.0118
- Further levels: Below: 0.9976, 0.9989, 1.000 Above: 1.0024, 1.0037, 1.0048
- AUD / USD likely to find support at today’s low of 0.9992, and resistance at 1.0186.
- 8:30 US Core Retail Sales m/m Exp. 0.7% Vs. 0.3%
- 8:30 US Retail Sales m/m Exp. 0.8% Vs. 0.3%
- 8:30 US FOMC Member Dudley Speaks
- 9:55 US Prelim UoM Consumer Sentiment Exp. 77.0 Vs. 77.5
- 9:55 US Prelim UoM Inflation Expectations 3.4%
- 10:00 US Business Inventories m/m Exp. 0.6% Vs. 0.8%
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
- The US released two worse than expected economic reports Thursday, with data showing US initial jobless claims rose more than expected last week and a larger than expected US January trade deficit. These reports underscore investor fears of the impact of oil prices and Middle East on global economic growth.
- Newly released data showed that Australian jobless claims grew in February for the first time in 18 months.
- The Central Bank of New Zealand cut interest rates today to offset the economic impact of the devastating earthquake that hit Christchurch last month.
Currensee Community: 91% are short, 9% are long. 434 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.