AUD/USD rebounds above 0.6930 as USD weakens on latest trade headlines


  • Pres. Trump is said to delay tariffs on European car imports.
  • US Dollar Index returns to 97.50 area.
  • Coming up: Australia labour market data.

After edging lower toward the 0.69 handle, the AUD/USD pair staged a modest rebound in the last hour and was last seen trading at 0.6935, still down 0.1% on a daily basis.

Citing sources familiar with talks, Bloomberg reported that U.S. President Trump was planning to announce a six-month delay to tariffs that were going to be imposed on European car imports to allow the risk-appetite to return to markets and weigh on the greenback, which has been taking advantage of the risk-off mood today. Following a daily advance to 97.70 earlier in the session, the US Dollar Index retreated to yesterday's closing level of 97.50.

Meanwhile, today's data from the U.S. revealed that retail sales declined by 0.2% in April and industrial production contracted by 0.5% with both figures coming in worse than market expectations.

In the early trading hours of the Asian session on Thursday, the Australian Bureau of Statistics will release the April jobs report. Previewing the data, “In the 7 May Policy Statement, the RBA made clear it is firmly focused on further progress in lowering the unemployment rate. We look for a small lift to 5.1%, nothing to a central bank, but combined with a fall in full-time employment could temporarily weigh on the AUD and give July OIS rate cut odds a boost,” TD Securities analysts said.

Technical levels to watch for

AUD/USD

Overview
Today last price 0.6932
Today Daily Change -0.0012
Today Daily Change % -0.17
Today daily open 0.6944
 
Trends
Daily SMA20 0.704
Daily SMA50 0.7077
Daily SMA100 0.7106
Daily SMA200 0.7156
Levels
Previous Daily High 0.696
Previous Daily Low 0.6934
Previous Weekly High 0.7048
Previous Weekly Low 0.6947
Previous Monthly High 0.7206
Previous Monthly Low 0.6988
Daily Fibonacci 38.2% 0.695
Daily Fibonacci 61.8% 0.6944
Daily Pivot Point S1 0.6932
Daily Pivot Point S2 0.692
Daily Pivot Point S3 0.6906
Daily Pivot Point R1 0.6958
Daily Pivot Point R2 0.6972
Daily Pivot Point R3 0.6984

 

 

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