AUD/USD flat-lines above the 0.6500 area, investors await the Australian data


  • AUD/USD remains flat around 0.6500 ahead of the the Australian data.
  • The key US economic data showed worse-than-expected results.
  • Australian CPI declined to a 17-month low.
  • Traders await the Australian Private Sector Credit, the US Core PCE, the weekly Jobless Claims data.

The AUD/USD pair hovers around 0.6500 after retracing from a weekly high of 0.6522 during the early Asian session on Thursday. In response to the downbeat US data, the US Dollar Index (DXY) remains under pressure and declines for the third day in a row near 103.15 while the 10-year yield falls to 4.11%.

The Greenback faced some selling pressure following the softer-than-expected US data. That said, the US ADP Employment Change declined to 177K in August from 371K in July and below the market consensus of 195K.

Additionally, the first reading of Personal Consumption Expenditures (PCE) Prices for the second quarter decreased to 2.5% from 2.6% prior. Finally, the second reading of Gross Domestic Product (GDP) Annualized Q2 decreased to 2.1% from the first estimation of 2.4%.

On the Aussie front, the Australian Bureau of Statistics reported on Wednesday that the nation’s monthly Consumer Price Index (CPI) fell to 4.9% year on year in July from 5.4% prior and falling short of estimates of 5.2%. Meanwhile, Building Permits (MoM) declined 8.1% in July, compared to an expectation of a 0.8% drop and a 7.7% drop the previous month. The easing of inflationary pressure might convince the Reserve Bank of Australia (RBA) to hold the interest rate unchanged at its forthcoming policy meeting.

On Sunday, Australian Treasurer Jim Chalmers stated that the government monitored China for signals of economic weakness that could hurt the Australian economy, according to Reuters. It’s worth noting that China is Australia's major trading partner and the economic slowdown In China might exert pressure on the Aussie.

Looking ahead, the Australian Private Sector Credit will be released. Additionally, the Core Personal Consumption Expenditure Price Index (PCE), the weekly Jobless Claims, and the Chicago PMI will also be due on Thursday. The closely watched event this week will be the Nonfarm Payrolls (NFP) data on Friday. Traders will find trading opportunities around the AUD/USD pair.

 

AUD/USD

Overview
Today last price 0.6475
Today Daily Change -0.0005
Today Daily Change % -0.08
Today daily open 0.648
 
Trends
Daily SMA20 0.6477
Daily SMA50 0.6622
Daily SMA100 0.6651
Daily SMA200 0.6726
 
Levels
Previous Daily High 0.6487
Previous Daily Low 0.6401
Previous Weekly High 0.6488
Previous Weekly Low 0.638
Previous Monthly High 0.6895
Previous Monthly Low 0.6599
Daily Fibonacci 38.2% 0.6454
Daily Fibonacci 61.8% 0.6434
Daily Pivot Point S1 0.6425
Daily Pivot Point S2 0.6371
Daily Pivot Point S3 0.634
Daily Pivot Point R1 0.6511
Daily Pivot Point R2 0.6542
Daily Pivot Point R3 0.6597

 

 

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