The world’s second-largest economy enjoyed solid economic growth at an annualized level of 6.9%, better than 6.8% expected. In addition, industrial output increased by 7.6%, much better than 6.5% expected. Australia exports metals to China, metals which are used in industry and in housing. In theory, the good news should help the Australian dollar. AUD/USD was edging closer to critical resistance at 0.7835, the cycle high. The poor figures from the US helped the Aussie extend its gains on Friday. But perhaps the pair’s rise is somewhat over-extended. Instead of pushing higher, AUD/USD is taking a break from gains and is actually lower, trading just above 0.78. One reason is that the greenback is correcting across the board, making some gains against other currencies as well. Another reason is that the Australian dollar does not have a hawkish central bank to back it. The ECB is set to taper, the BOE is considering raising rates and the BOC just hiked and intends to do more. In Australia, the RBA recently showed a reluctance to move. Later this week, Australia publishes its jobs report, and a positive outcome could unleash the upside. More: The AUD/USD at 0.78? Well, that escalated quickly. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next The AUD/USD at 0.78? Well that escalated quickly. Adinah Brown 6 years The world's second-largest economy enjoyed solid economic growth at an annualized level of 6.9%, better than 6.8% expected. In addition, industrial output increased by 7.6%, much better than 6.5% expected. Australia exports metals to China, metals which are used in industry and in housing. In theory, the good news should help the Australian dollar. AUD/USD was edging closer to critical resistance at 0.7835, the cycle high. The poor figures from the US helped the Aussie extend its gains on Friday. But perhaps the pair's rise is somewhat over-extended. Instead of pushing higher, AUD/USD is taking a break from gains and… 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.
