The Australian Dollar (AUD) extends its upside against the tepid US Dollar (USD) on Friday, following the upbeat inflation data release from China. Additionally, the AUD/USD pair gained ground following the hawkish comments from Reserve Bank of Australia (RBA) Governor Michele Bullock on Thursday.
China's Consumer Price Index (CPI) rose 0.5% year-on-year in July, exceeding the expected 0.3% and previous 0.2% readings. Meanwhile, the monthly index also increased 0.5%, swinging from the previous decline of 0.2%. Any change in the Chinese economy could impact the Australian markets as both countries are close trade partners.
Governor Bullock highlighted the importance of remaining cautious regarding inflation risks and expressed readiness to raise rates if needed, noting that inflation might not fall back to the 2–3% target range until late 2025. Additionally, the Aussie Dollar saw gains following the RBA's assertive choice to keep the cash rate at 4.35% on Tuesday.
The upside of the US Dollar could be restrained as the US Federal Reserve (Fed) is widely anticipated to implement a rate cut in September. According to the CME FedWatch tool, markets are now fully pricing in a quarter-basis point interest rate cut by the Fed in September.
The Australian Dollar trades around 0.6590 on Friday. The daily chart analysis shows that the AUD/USD pair moves upward within an ascending channel, indicating a bullish bias. Meanwhile, the 14-day Relative Strength Index (RSI) is approaching the 50 level. A break above the 50 level could confirm the bullish bias.
In terms of support, the AUD/USD pair may find immediate support at throwback support of 0.6575 level. A break below this level could reinforce the bearish bias and exert pressure on the pair to test the lower boundary of the ascending channel around the 0.6520 level. Further support appears at the throwback support level of 0.6470.
On the upside, the pair could test the upper boundary of the ascending channel at the 0.6610 level. A breakthrough above this level could lead the AUD/USD pair to explore the region again around a six-month high of 0.6798.
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | -0.04% | -0.10% | 0.04% | -0.04% | -0.06% | -0.23% | -0.09% | |
EUR | 0.04% | -0.04% | 0.14% | 0.00% | -0.02% | -0.20% | -0.02% | |
GBP | 0.10% | 0.04% | 0.17% | 0.03% | 0.02% | -0.17% | 0.03% | |
JPY | -0.04% | -0.14% | -0.17% | -0.14% | -0.13% | -0.33% | -0.12% | |
CAD | 0.04% | -0.00% | -0.03% | 0.14% | -0.03% | -0.19% | -0.00% | |
AUD | 0.06% | 0.02% | -0.02% | 0.13% | 0.03% | -0.18% | 0.01% | |
NZD | 0.23% | 0.20% | 0.17% | 0.33% | 0.19% | 0.18% | 0.19% | |
CHF | 0.09% | 0.02% | -0.03% | 0.12% | 0.00% | -0.01% | -0.19% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
The Consumer Price Index (CPI), released by the National Bureau of Statistics of China on a monthly basis, measures changes in the price level of consumer goods and services purchased by residents. The CPI is a key indicator to measure inflation and changes in purchasing trends. The YoY reading compares prices in the reference month to the same month a year earlier. Generally, a high reading is seen as bullish for the Renminbi (CNY), while a low reading is seen as bearish.
Read more.Last release: Fri Aug 09, 2024 01:30
Frequency: Monthly
Actual: 0.5%
Consensus: 0.3%
Previous: 0.2%
© 2000-2024. Уcі права захищені.
Cайт знаходитьcя під керуванням TeleTrade DJ. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
Інформація, предcтавлена на cайті, не є підcтавою для прийняття інвеcтиційних рішень і надана виключно для ознайомлення.
Компанія не обcлуговує та не надає cервіc клієнтам, які є резидентами US, Канади, Ірану, Ємену та країн, внеcених до чорного cпиcку FATF.
Проведення торгових операцій на фінанcових ринках з маржинальними фінанcовими інcтрументами відкриває широкі можливоcті і дає змогу інвеcторам, готовим піти на ризик, отримувати виcокий прибуток. Але водночаc воно неcе потенційно виcокий рівень ризику отримання збитків. Тому перед початком торгівлі cлід відповідально підійти до вирішення питання щодо вибору інвеcтиційної cтратегії з урахуванням наявних реcурcів.
Викориcтання інформації: при повному або чаcтковому викориcтанні матеріалів cайту поcилання на TeleTrade як джерело інформації є обов'язковим. Викориcтання матеріалів в інтернеті має cупроводжуватиcь гіперпоcиланням на cайт teletrade.org. Автоматичний імпорт матеріалів та інформації із cайту заборонено.
З уcіх питань звертайтеcь за адреcою pr@teletrade.global.