AUD/USD juggles around 0.6400 ahead of US/Aussie PMI


  • AUD/USD struggles to find a decisive move ahead of the preliminary US/Australia PMI for August.
  • Investors anticipate less-hawkish interest rate guidance from Fed chair Jerome Powell at Jackson Hole Symposium.
  • The Australian Dollar fails to deliver a decisive move despite the PBoC lowering its one-year PLR to 3.45%.

The AUD/USD pair trades back and forth in a narrow range around 0.6400 as investors prepare for the Jackson Hole Economic Symposium, which will start on Thursday. The Aussie asset struggles to find a decisive move ahead of the preliminary United States/Australia PMI for August, which will be released this week.

S&P500 is expected to open on a bullish note, following positive cues from overnight futures. US equities are broadly expected to rebound after a healthy corrective move as investors hope that the Federal Reserve (Fed) will not raise interest rates further. Market participants anticipate that inflation is easing as expected in spite of tight labor market conditions.

The US Dollar Index (DXY) continues to trade sideways marginally below 103.50 ahead of Jackson Hole. Investors anticipate less-hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell as United States inflation continues to ease despite tight labor market conditions. Meanwhile, 10-year US Treasury Yields jump near 4.32% as the ‘last mile’ of US inflation will continue to discomfort Fed policymakers.

Before Jackson Hole Symposium, investors will focus on the preliminary S&P Global PMI, which will be released on Wednesday at 13:45 GMT.

The Australian Dollar fails to deliver a decisive move despite the People’s Bank of China (PBoC) lowering its one-year Prime Lending Rate (PLR) by 10 basis points (bps) to 3.45% while investors anticipated a rate cut by 15 bps. The Australian Dollar, being a proxy for China’s economic prospects, is facing the wrath of weak demand in China due to a higher jobless rate and significant deflation risks.

On Wednesday, investors will focus on the preliminary S&P PMI data for August. Manufacturing and Services PMI are seen steady at 49.6 and 47.9 respectively.

AUD/USD

Overview
Today last price 0.641
Today Daily Change -0.0001
Today Daily Change % -0.02
Today daily open 0.6411
 
Trends
Daily SMA20 0.6574
Daily SMA50 0.6676
Daily SMA100 0.6669
Daily SMA200 0.6734
 
Levels
Previous Daily High 0.6429
Previous Daily Low 0.6379
Previous Weekly High 0.6522
Previous Weekly Low 0.6364
Previous Monthly High 0.6895
Previous Monthly Low 0.6599
Daily Fibonacci 38.2% 0.641
Daily Fibonacci 61.8% 0.6398
Daily Pivot Point S1 0.6384
Daily Pivot Point S2 0.6356
Daily Pivot Point S3 0.6334
Daily Pivot Point R1 0.6433
Daily Pivot Point R2 0.6456
Daily Pivot Point R3 0.6483

 

 

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