3 Aug 2015
AUD/USD lined up for key data week
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7269 with a high of 0.7324 and a low of 0.7260.
AUD/USD has been giving back territory after the July closing spike up to test the previous area of consolidation but lacking conviction. Many technical headwinds are lurking there, and fundamentally the Aussie is on the back foot and not just on a Central Bank divergence perspective.
Commodity currencies have been underperfoming at the start of the week while we now await the Aussie unemployment report ahead of the Nonfarm Payrolls this week from the US. The ISM employment component remains above the 6M average of 51.6 from today's data although last week's wages was the worst since records began that had the greenback on the back foot in to last week's close.
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However, this will not alter the outlook for a 200,000+ reading for Non-farm payrolls on Friday. Meanwhile, we will await the outcome of the unemployment data for Australia first of all and all eyes will be on the RBA’s decision on Tuesday. "Although the RBA remains open to further easing, we believe it wants to stay on the sidelines for now to monitor the impact of the 50bps cuts already delivered this year," explained analysts at UOB Group.
Technically, AUD/USD remains heavy below downtrend at 0.7463 as detailed by Karen Jones, chief analyst at Commerzbank.
AUD/USD has been giving back territory after the July closing spike up to test the previous area of consolidation but lacking conviction. Many technical headwinds are lurking there, and fundamentally the Aussie is on the back foot and not just on a Central Bank divergence perspective.
Commodity currencies have been underperfoming at the start of the week while we now await the Aussie unemployment report ahead of the Nonfarm Payrolls this week from the US. The ISM employment component remains above the 6M average of 51.6 from today's data although last week's wages was the worst since records began that had the greenback on the back foot in to last week's close.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
However, this will not alter the outlook for a 200,000+ reading for Non-farm payrolls on Friday. Meanwhile, we will await the outcome of the unemployment data for Australia first of all and all eyes will be on the RBA’s decision on Tuesday. "Although the RBA remains open to further easing, we believe it wants to stay on the sidelines for now to monitor the impact of the 50bps cuts already delivered this year," explained analysts at UOB Group.
Technically, AUD/USD remains heavy below downtrend at 0.7463 as detailed by Karen Jones, chief analyst at Commerzbank.