- The pair remained well bid for the second consecutive session on Friday.
- The move-up seemed rather unaffected by softer Chinese Q3 GDP print.
- Traders look forward to speeches by FOMC member for a fresh impetus.
The AUD/USD pair built on its steady intraday climb and refreshed one-month tops, around mid-0.6800s in the last hour.
The pair added to the previous session's upbeat Aussie jobs data-led strong gains and continued gaining some positive traction for the third consecutive session on Friday, with bulls shrugging off softer Chinese GDP print for the third quarter.
Persistent USD selling bias remained supportive
In fact, the Chinese economic growth marked a further loss of momentum and dropped to a near 30-year low level of 6.0%, albeit was largely offset by a larger-than-expected jump in the Chinese industrial production figures for September.
Against the backdrop of the recent optimism over a partial trade deal between the US and China, the data further underpinned the China-proxy Australian Dollar and remained supportive of some follow-through buying on the last day of the week.
Adding to this, the prevalent US Dollar selling bias, amid expectations that the Fed will cut interest rates further in October, further collaborated to the pair's ongoing positive momentum to the highest level since September 18.
With Friday's positive move, the pair has rallied around 125 pips from weekly lows and remains on track to end on a positive note for the third consecutive week and post its highest weekly close since mid-September.
In absence of any major market-moving economic releases from the US, scheduled speeches by influential FOMC members will be looked upon to grab some short-term trading opportunities later during the US session.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
USD/JPY drops toward 142.00 ahead of BoJ policy decision
USD/JPY has turned south, approaching 142.00 in the Asian session on Friday. Markets turn risk-averse and flock to the safety in the Japanese Yen while the Fed-BoJ policy divergence and hot Japan's CPI data also support the Yen ahead of the BoJ policy verdict.
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood
AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed.
Gold price treads water below record peak, awaits Fedspeak
Gold price hovers below the all-time peak touched earlier this week amid a bearish US Dollar and rising bets for more upcoming rate cuts by the Fed. Concerns over an economic downturn in China keep the safe-haven Gold price afloat. Fedspeak remains on tap.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD (RUSD) stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.