AUD/USD retreats modestly below 0.6800, holds far from decade lows
|- Aussie flat for the day, consolidates rebound from multi-year lows.
- US Dollar relatively quiet on Friday, falls versus CHF, JPY after Trump’s comments.
The AUD/USD pair continues to move sideways on Friday, and also it is about to end the week unchanged after being able to recover from decade lows. Since the Asian session, it is trading hovering around 0.6800, in a small range between 0.6820 and 0.6770
As of writing, it is looking at the daily lows following comments from US President Trump. He said to reporters at the White House that he wasn't ready to do anything yet on a possible deal with China and added that September’s talks in Washington might be canceled. His comments pushed equity prices to the downside and weigh on market sentiment.
Earlier today, data from the US showed the Producer Price Index (PPI) rose in line with expectations, but the core unexpectedly dropped. Market participants ignored US data as focus appears to be on global growth concerns and trade wars.
The Aussie was nos affected on Friday by “dovish” comments from Reserve Bank of Australia Governor Lowe. He repeated that the central bank is prepared to adopt unconventional policy measures if required.
On a weekly basis, AUD/USD is about to end flat which could be seen as positive taking into account it rebounded more than 125 pips after falling on Wednesday to 0.6676, the lowest intraday level in ten years.
Technical levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.