AUD/USD: full load-down, get your reading specs on

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.7327 with a high of 0.7363 and a low of 0.7265.

AUD/USD has recovered from the supply below the 0.7350 level while supported by the 55 SMA on the hourly chart with weakness appearing back into the greenback after a limited bounce with the US CPI’s beating expectations, (1.9% vs 1.8% exp 1.8% and prev) and Dudley speaking, setting back ideas that a rate hike is at all imminent.

AUD/USD key fundamentals

AUD/USD has otherwise riding the optimism in the RBA’s outlook for the Australian economy and risk-on sentiment from week to week. However, yesterday’s jobs data was soft and wasn’t taken lightly to begin with, as the market regarded it as weak overall and sold the Aussie. However, what is most important is how the RBA will perceive the details of it and the market soon had a rethink and demand followed.

Headline employment fell –5.1k, vs median +9.6k, the participation rate eased, while the unemployment rate was unchanged at 6.2%. “But as far as the RBA is concerned, annual employment growth remains decent at 2%/yr and unemployment remains steady at 6.2%,” explained analyst at TD Securities.

The argument for a rate …read more

Source:: FX Street