- US Dollar rises across the board after US data and amid risk aversion.
- US Q3 GDP revised from 2.9% to 3.2%.
- AUD/USD again rejected from above the 20-day SMA.
The AUD/USD dropped further during the American session and printed a fresh daily low at 0.6672. Earlier on Thursday is traded at 0.6767, the highest level in a week. The move lower took place amid a stronger US Dollar across the board.
The greenback gained momentum following the release of US economic data. The economy expanded during the third quarter at an annualized rate of 3.2% above the 2.9% of the previous estimate. Price indicators of the Q3 GDP report were also revised higher. Initial Jobless Claims rose to 216K below the 222K of market consensus while Continuing Claims dropped for the first time in weeks from 1.678 million to 1.672 million.
In Wall Street, the Dow Jones is falling by 1.35% and the Nasdaq tumbles by 2.55%, on another volatile session. US yields rose sharply after US data, helping the Dollar and then pulled back.
The AUD/USD has fallen by 1.45% from the top of the day, erasing all daily gains. Price was rejected from above the 20-day Simple Moving Average (today at 0.6740) that is turning south. A daily close well above would be a positive technical development for the Aussie. While below that level, risks are biased to the downside. The next strong support could be seen around 0.6650.
AUD/USD daily chart
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
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades slightly near 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD struggles to hold above 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold fluctuates in narrow range below $2,320
After retreating to the $2,310 area early Wednesday, Gold regained its traction and rose toward $2,320. Hawkish tone of Fed policymakers help the US Treasury bond yields edge higher and make it difficult for XAU/USD to gather bullish momentum.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.