The post Australian Dollar appreciates after Trade Balance data, RBA Bullock’s speech awaited appeared on BitcoinEthereumNews.com.

The Australian Dollar continues to face downward pressure following the release of Trade Balance data on Thursday. Australia’s Trade Balance posted a surplus of 6,009 million MoM in July, against the expected 5,150 million. The US Dollar received downward pressure following recent downbeat economic data. The Australian Dollar (AUD) inches higher against the US Dollar (USD) following the release of the Trade Balance data on Thursday. Australia’s trade surplus widened to 6,009 million MoM in July, exceeding the expected 5,150 million and 5,589 million in the previous reading. Traders await Reserve Bank of Australia (RBA) Governor Michele Bullock’s speech later in the day. The Australian Dollar received downward pressure as recent figures showed that Australia’s Gross Domestic Product (GDP) grew in the second quarter but fell short of the market expectations. A private survey also showed that the country’s manufacturing activity remained contractionary in August, extending the sector’s deterioration to two years. The US Dollar depreciated after July’s US JOLTS Job Openings came in below expectations, signaling a further slowdown in the labor market. Additionally, the ISM Manufacturing PMI showed that factory activity contracted for the fifth straight month. Traders now await US ISM Services PMI and Initial Jobless Claims scheduled to be released on Thursday. Attention will shift to Friday’s US Nonfarm Payrolls (NFP) to gain more cues on the potential size of an expected rate cut by the Fed this month. Daily Digest Market Movers: Australian Dollar appreciates due to widened trade surplus Atlanta Federal Reserve President Raphael Bostic said on Wednesday that the Fed is in a favorable position but added that they must not maintain a restrictive policy stance for too long, per Reuters. FXStreet’s FedTracker, which gauges the tone of Fed officials’ speeches on a dovish-to-hawkish scale from 0 to 10 using a custom AI…

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Filed under: News - @ September 5, 2024 2:08 am