EUR/USD 1.14360
0.035%
Gold 4174.79
1.240%
Oil 68.721
0.443%
USD/JPY 161.359
0.158%
GBP/USD 1.33524
0.049%
GBP/JPY 215.459
0.223%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
European Commission President Ursula von der Leyen: Europe is facing a housing crisis. We plan to establish a "European Housing Union" and hold a high-level summit on European housing issues.Kremlin spokesman Dmitry Peskov: The Russian Federation has completely liberated Konstantinovka (located in the central Donetsk region of eastern Ukraine).July 4th - A Reuters survey showed that OPEC crude oil production rebounded sharply in June, increasing by approximately 3.3 million barrels per day to 19.43 million barrels per day, a significant rebound from the more than two-decade low reached in May, but still far below quota levels. This production increase was mainly driven by the resumption of supply from Gulf countries, with Kuwait seeing the largest increase, followed by Iran, Saudi Arabia, and Iraq. Nigeria and Libya also saw slight increases in production. The UAE withdrew from OPEC on May 1st and is no longer included in the statistics. The report noted that the previous war with Iran and the de facto blockade of the Strait of Hormuz had caused supply disruptions, but the subsequent lifting of restrictions on ships at Iranian ports by the United States helped to restore some production. Although OPEC+ had planned to increase production in June, it could not be fully implemented due to the war. Overall, global crude oil supply is recovering, but has not yet returned to normal levels.Iranian Parliament Speaker Ghalibaf: The United States must "accept the established realities in the trade arena."Hang Seng Index futures closed down 0.2% at 23,253 points in overnight trading, a discount of 97 points.

Despite a Mixed China PMI and a Strengthening USD, AUD/USD Remains below 0.7200

Daniel Rogers

May 31, 2022 14:45

 截屏2022-05-31 上午11.41.36.png

 

AUD/USD struggles to rebound from its intraday low of 0.7160, ending a three-day climb above the monthly high, as Australian traders review Chinese activity data and domestic housing data on Tuesday morning. In doing so, the Australian dollar pair splits a three-day uptrend and decreases daily from its highest levels since the beginning of May.

 

China's official activity statistics showed a dip in May, with the headline NBS Manufacturing PMI meeting market forecasts at 49.6 compared to 47.4 earlier, and the Non-Manufacturing PMI falling to 47.8 below the market's 50.7 forecast.

 

In addition, Australia's Building Permits declined by -2.4 percent in April, compared to the anticipated 2.0 percent increase and previous readings of -18.5 percent.

 

Despite bad data from Australia's largest client and lower housing statistics at home, AUD/USD traders can maintain recent gains due to the market's mixed attitude and the US dollar's recovery.

 

As bond buyers take a vacation in the early hours of Tuesday, market excitement wanes, supporting a slide in riskier assets such as stocks and commodities. In addition, developments in Europe and consolidation at the conclusion of the month undermined the earlier risk-on mentality. Futures for the S&P 500 retrace from a three-week high that was reached the previous day in order to retest the 4,155 level. In addition, 10-year US Treasury yields have risen by 8.5 basis points (bps) to 2.835% as of press time.

 

Given the US recovery and a shift in market sentiment, as well as bad data from China and Australia, it is anticipated that the AUD/USD exchange rate will continue to decrease. Nevertheless, risk catalysts and secondary US activity statistics for the month of May must be attentively examined.

Technical Evaluation

A AUD/USD decline remains elusive as of press time till the pair holds above a 13-day-old support line near 0.7135. To satisfy buyers, though, recovery moves must rebuild the monthly high near 0.7270 by the latest.


Suggestion