AUD/USD sticks to modest recovery gains around 0.6930-35 area, lacks follow-through – by hareshmenghani AUDUSD EconomicIndicator RiskAppetite Fed Currencies
ing the early European session. The pair, for now, seems to have stalled this week's retracement slide from the vicinity of mid-0.7000s, or its highest level since June 17 touched on Monday.
The Australian dollar draws support from strong domestic data and the upbeat Chinese service-sector activity report. In fact, Australianvolumes recorded the third consecutive quarterly increase and rose 1.4% during the April-June period to reach a new record. Separately, China's Caixin Services PMI improved further and shot to a 15-month high of 55.5 in July.
This, along with subdued US dollar price action, assists the AUD/USD pair to attract some buying at lower levels. Signs of stability in the equity markets turn out to be a key factor acting as a headwind for the safe-haven greenback and offering additional support to the risk-sensitive aussie. That said, any meaningful recovery seems elusive, warranting caution for bulls.are coming in the near term.
This makes it prudent to wait for strong follow-through buying before positioning for any further appreciating move. Market participants now look forward to the US ISM Services PMI, due for release later during the early North American session. This, along with the US bond yields and the broader risk sentiment, would influence the USD and provide some impetus to the AUD/USD pair.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD, USD/JPYThe USD continued to pullback after last week’s FOMC rate decision. The Fed didn’t say anything particularly dovish but given the response in both Forex and equities, it seems that there’s building hope for a pivot by the FED.
Read more »
AUD/USD aims an establishment above 0.6900 on upbeat Caixin Services PMI dataThe AUD/USD pair has surpassed the immediate hurdle of 0.6900 swiftly and is likely to establish above the same as IHS Markit has reported stellar Cai
Read more »
AUD/USD Forecast: RBA Prospects Outdo Weaker PMI’s, Aussie BidThe Australian dollar faced several headwinds from PMI data this morning but has shown resilience ahead of the Reserve Bank of Australia (RBA) interest rate decision tomorrow. Get your market update from WVenketas here:
Read more »
AUD/USD rallies to fresh two month highs, ahead of RBA interest rate decisionThe AUD/USD rises above the 0.7000 figure on a mixed sentiment session, spurred by reports that US House Speaker Pelosi could visit Taiwan. China’s re
Read more »
AUD/USD Price Analysis: Further upside hinges on 0.7045-50 resistance break, RBAAUD/USD Price Analysis: Further upside hinges on 0.7045-50 resistance break, RBA – by anilpanchal7 AUDUSD Technical Analysis TrendFollowing RBA ChartPatterns
Read more »
AUD/USD Forex Signal: Strong RallyBullish breakout from long-term bearish wedge pattern.
Read more »