The Australian Dollar (AUD) halts its five-day losing streak on Monday. The AUD receives support as robust employment data indicate tight labor market conditions and raise concerns about a potential interest rate hike from the Reserve Bank of Australia (RBA). Investors look forward to Australian manufacturing and services PMI figures this week to gauge the health of the economy.
The People’s Bank of China (PBoC) has cut one- and five-year loan prime rates by 10 basis points to 3.35% and 3.85%, respectively. Any change in the Chinese economy could impact the Australian markets as both countries are close trade partners.
The decline of the US Dollar (USD) provides some support for the AUD/USD pair. The Greenback faces challenges as bets on a Federal Reserve (Fed) rate cut in September increase and concerns about the fragility of the US labor market persist. According to CME Group’s FedWatch Tool, markets now indicate a 91.7% probability of a 25-basis point rate cut at the September Fed meeting, up from 90.3% a week earlier.
According to Reuters, markets are adjusting to a new US electoral landscape after President Joe Biden's unexpected announcement on Sunday that he will no longer seek re-election against former President Donald Trump.
The Australian Dollar trades around 0.6690 on Monday. The daily chart analysis shows that the AUD/USD pair depreciates within a descending channel, signaling a bearish bias. Although the 14-day Relative Strength Index (RSI) is slightly below the 50 level, suggesting an emergence of a bearish trend.
The AUD/USD pair might test the lower boundary of the descending channel around the 0.6640 level. A decline below this level could pressure the pair to navigate the throwback support around 0.6590.
The immediate resistance appears at the psychological level of 0.6700, followed by the nine-day Exponential Moving Average (EMA) at 0.6715. A breakthrough above the latter could lead the AUD/USD pair to test the upper boundary of the descending channel around the 0.6740 level.
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 | -0.06% | -0.05% | 0.09% | 0.02% | 0.07% | 0.09% | 0.09% | |
EUR | 0.06% | 0.00% | 0.15% | 0.07% | 0.18% | 0.13% | 0.09% | |
GBP | 0.05% | -0.01% | 0.04% | 0.05% | 0.17% | 0.08% | 0.06% | |
JPY | -0.09% | -0.15% | -0.04% | -0.05% | 0.04% | -0.05% | -0.08% | |
CAD | -0.02% | -0.07% | -0.05% | 0.05% | 0.15% | 0.07% | 0.06% | |
AUD | -0.07% | -0.18% | -0.17% | -0.04% | -0.15% | -0.08% | -0.10% | |
NZD | -0.09% | -0.13% | -0.08% | 0.05% | -0.07% | 0.08% | 0.03% | |
CHF | -0.09% | -0.09% | -0.06% | 0.08% | -0.06% | 0.10% | -0.03% |
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 People’s Bank of China’s (PBoC) Monetary Policy Committee (MPC) holds scheduled meetings on a quarterly basis. However, China’s benchmark interest rate – the loan prime rate (LPR), a pricing reference for bank lending – is fixed every month. If the PBoC forecasts high inflation (hawkish) it raises interest rates, which is bullish for the Renminbi (CNY). Likewise, if the PBoC sees inflation in the Chinese economy falling (dovish) and cuts or keeps interest rates unchanged, it is bearish for CNY. Still, China’s currency doesn’t have a floating exchange rate determined by markets and its value against the US Dollar is fixed mainly by the PBoC on a daily basis.
Read more.Last release: Mon Jul 22, 2024 01:15
Frequency: Irregular
Actual: 3.35%
Consensus: 3.45%
Previous: 3.45%
Source: The People's Bank of China
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