Australian Dollar steady as markets asses minor US data
The post Australian Dollar steady as markets asses minor US data appeared on BitcoinEthereumNews.com.
Aussie bears lick their wounds after retreating due to soft US Dollar and broad risk-on mood. The hawkish RBA, less dovish Fed expectations and the US political transition continue to influence AUD/USD price action. Mixed US data seems to have weakened the Greenback on Thursday. The AUD/USD regained positive traction on Thursday following the overnight pullback from a one-week top. A softer US Dollar and a positive risk tone benefited the Aussie, as well as the Reserve Bank of Australia’s (RBA) hawkish stance. Traders look forward to US macro data and Federal Reserve (Fed) speakers for some meaningful opportunities. This week, the AUD/USD is facing a bearish trend due to a stronger US Dollar supported by geopolitical concerns and higher bond yields. The RBA’s hawkish stance, indicating potential interest rate adjustments, provides temporary support for the Aussie. However, weak Australian and Chinese economic data, along with the Fed’s reluctance to cut interest rates quickly, continues to weigh on the AUD/USD pair. Daily digest market movers: Australian Dollar fluctuates around 0.6500 as markets assess mixed US data On the US front, Initial Jobless Claims for the week ending November 15 totaled 213,000, below expectations of 220,000. Concerningly, Continuing Claims surged to 1.908 million, up from 1.872 million the previous week. The Philadelphia Fed Manufacturing Survey plunged into contractionary territory with a reading of -5.5, down significantly from the positive 8 and 10.3 seen earlier. The probability of a Fed rate cut in December has decreased by 16.5% since last week, which seems to have pushed the USD into a slight consolidation. USD bulls also pause as they await clarity on President-elect Donald Trump’s policies. AUD/USD technical outlook: Despite a slight recovery, AUD/USD indicators remain bearish Technical indicators for the AUD/USD pair display some renewed momentum but remain subdued in negative territory.…
Filed under: News - @ November 21, 2024 10:19 pm