AUD/USD holds ground around 0.6820 following mixed Chinese data

AUD/USD gains modest traction in the early Asian session.
Australian Treasurer said the nation's jobless rate would rise from nearly a 48-year low.
The latest Chinese data showed mixed figures.
Markets anticipate the Federal Reserve (Fed) to be dovish in the upcoming meeting on July 26.
Investors await the Australian monetary policy meeting minutes.

Lallalit Srijandorn FXStreet

The AUD/USD pair holds modest gains during the Asian session on Monday. The pair retreated from near the 0.6900 area and currently trades around 0.6825, down 0.02% on the day. The Reserve Bank of Australia's (RBA) latest meeting will be released on Tuesday, along with the employment data on Thursday.

At its July policy meeting, the Australian central bank decided to keep the Official Cash Rate (OCR) unchanged at 4.10% following June data from the nation’s Bureau of Statistics revealed that the country’s economy grew at the slowest rate in 1-1/2 years in the latest quarter, with indication of further contraction ahead.

Australian Treasurer, Jim Chalmers, said on Sunday that nation's jobless rate would rise from near a 48-year low despite the slowing global growth and higher interest rates.

It’s worth noting that Michele Bullock will be the first woman to lead the Reserve Bank of Australia (RBA), replacing Philip Lowe. A new RBA Deputy Governor will also be announced in the next few months.

On the US Dollar front, the preliminary reading of the University of Michigan's (UoM) Consumer Confidence Index rose to 72.6 from 64.4 in June, beating the market's expectation of 65.5. Additionally, US consumer prices climbed by 3.0% year on year, down from 4.0% previously, and the Producer Price Index (PPI) increased by 0.1%, down from 0.9% prior. Markets anticipate the Federal Reserve (Fed) to be less hawkish in tightening monetary policy following an expected interest rate hike in the July 26 meeting.

On the other hand, the concerns of an economic slowdown in China remain in focus. The latest data from the National Bureau of Statistics (NBS) revealed that the Chinese Gross Domestic Product (GDP) came in at 6.3% annually, worse-than-expected at 7.3% and 4.5% prior. At the same time, Industrial Production YoY rose by 4.4% from 3.5% prior, above the consensus of 2.7%.

Moving on, the key event to watch will be the Australian monetary policy meeting minutes and Employment data later this week. Also, the US Retail Sales and the Chinese economic data might significantly impact the AUD/USD direction in the near-term.

AUD/USD

Overview
Today last price	0.6824
Today Daily Change	-0.0015
Today Daily Change %	-0.22
Today daily open	0.6839

Trends
Daily SMA20	0.6716
Daily SMA50	0.6686
Daily SMA100	0.6685
Daily SMA200	0.6705

Levels
Previous Daily High	0.6895
Previous Daily Low	0.6831
Previous Weekly High	0.6895
Previous Weekly Low	0.6624
Previous Monthly High	0.69
Previous Monthly Low	0.6484
Daily Fibonacci 38.2%	0.6855
Daily Fibonacci 61.8%	0.687
Daily Pivot Point S1	0.6815
Daily Pivot Point S2	0.679
Daily Pivot Point S3	0.675
Daily Pivot Point R1	0.6879
Daily Pivot Point R2	0.6919
Daily Pivot Point R3	0.6943

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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