AUD/USD loses steam above 0.6500 weighed by upbeat US macroeconomic data


 

  • Aussie’s recovery is losing pace, as US macroeconomic data beats expectations.
  • US Factory Orders and JOLTS Job Openings endorse the view of a strong economy with a tight labour market.
  • Cleveland Fed President, Loreta Mester hints at rate cuts in 2024 but she does not say when.
     

The Australian Dollar bounced up from the 0.6480 support area on Tuesday. Bulls, however, are struggling to find a significant acceptance above the 0.6500 area, which keeps the broader bearish trend intact.

In the US, data from the Census Bureau reported a larger-than-expected recovery in Factory Orders, which confirms the strong momentum of the manufacturing sector, following Tuesday’s bright ISM PMI report.

Beyond that, the US JOLTS Job Openings increased beyond expectations in February. These data have contributed to endorse the view of a strong economy with a tight labour market, which poses a challenge to the Fed's easing plans.

Cleveland Fed President, Loreta Mester, has calmed markets somewhat, hinting at rate cuts later this year but she added that the bank might need more time to confirm that inflation is on its way to the 2% target. Later today, San Francisco Fed CEO, Mary Daly, a moderate hawk, might give some more insight into the bank’s rate outlook.

AUD/USD

Overview
Today last price 0.6511
Today Daily Change 0.0022
Today Daily Change % 0.34
Today daily open 0.6489
 
Trends
Daily SMA20 0.6559
Daily SMA50 0.6546
Daily SMA100 0.66
Daily SMA200 0.6547
 
Levels
Previous Daily High 0.6539
Previous Daily Low 0.6481
Previous Weekly High 0.6559
Previous Weekly Low 0.6486
Previous Monthly High 0.6667
Previous Monthly Low 0.6478
Daily Fibonacci 38.2% 0.6503
Daily Fibonacci 61.8% 0.6517
Daily Pivot Point S1 0.6467
Daily Pivot Point S2 0.6445
Daily Pivot Point S3 0.6409
Daily Pivot Point R1 0.6525
Daily Pivot Point R2 0.6561
Daily Pivot Point R3 0.6583

 

 

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