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November 14th - Renewed concerns about UK finances are weighing on risk sentiment and boosting the dollars current gains after reports that the British government will abandon its plan to raise income taxes in the November 26th budget. Analysts at Monex Europe stated in a report that the Financial Times report that the UK government would abandon its plan to raise income taxes in the November 26th budget has raised concerns about how the government will fill the large gap in public finances. Analysts said this news "puts the market on risk aversion," providing upward support for the dollar due to its safe-haven asset status. The dollar was also helped by recent comments from Federal Reserve officials, which cast doubt on the prospect of another rate cut in December.Jaguar Land Rover executives: Operations continue to recover, and production of luxury brand vehicles has resumed.On November 14th, a Bank of America foreign exchange and interest rate sentiment survey revealed that approximately half of investors expect artificial intelligence (AI) to lead to a steeper yield curve. The survey found that among respondents, 27% expect AI to result in lower interest rates and a steeper curve, 24% believe it will have no substantial impact, and another 24% expect higher interest rates and a steeper yield curve. The survey also showed that 6% expect higher interest rates but a flatter curve, while 3% expect lower interest rates but a flatter curve.Jaguar Land Rover executive: The investigation into the cybersecurity incident is still ongoing.On November 14th, Francesco Pesole of ING stated in a report that the pounds decline against the euro could be reversed if the market expects the UK to maintain fiscal discipline in its November 26th budget. Pesole noted that Fridays reports that the government might abandon raising income taxes did not indicate that Chancellor Reeves was "willing to fundamentally change her fiscal prudence commitment." He believes that while the risk of further weakness in the pound against the euro has increased, this weakness is likely to be reversed.

Price Analysis: AUD/USD Advances Toward 0.6740 Ahead Of PBoC's Decision

Alina Haynes

Apr 19, 2023 16:00

AUD:USD.png 

 

The AUD/USD pair strengthened to near 0.6740 after a gradual retracement. In light of the weakening U.S. dollar and the upward revision of China's growth rate forecast, the demand for Australian dollars was exceptional. The US Dollar Index (DXY) is exhibiting a dearth of volatility prior to the release of the Federal Reserve's (Fed) Beige Book.

 

The Australian Dollar remained active on Tuesday after the Reserve Bank of Australia (RBA) minutes were released. The RBA minutes revealed that policymakers actively debated a rate hike, but ultimately decided to maintain the current 3.6% rate. Philip Lowe, the governor of the Reserve Bank of Australia, stated that the central bank needs more time to compile information prior to taking action.

 

After a robust quarterly performance, forecasting agencies were enthusiastic about increasing their projections for China's Gross Domestic Product (GDP). In the future, the People's Bank of China's (PBOC) interest rate determination will be the primary event. Australia is China's greatest trading partner, and optimistic economic forecasts from China would benefit the Australian Dollar.

 

The AUD/USD exchange rate is exhibiting an Inverted Flag pattern on an hourly time frame. The Inverted Flag is a trend-following pattern that consists of a protracted consolidation followed by a decline. Participants prefer to enter an auction after a bearish bias has been established, and current vendors increase their position size during the consolidation phase of a chart pattern.

 

The 20-period Exponential Moving Average (EMA) is superimposed on the price of the asset at 0.6720, indicating lackluster performance.

 

Currently, the Relative Strength Index (RSI) (14) fluctuates between 40.00 and 60.00, indicating the absence of a possible trigger.

 

A future break above the March 22 high of 0.6759 will propel the asset toward the April 3 high of 0.6693. A breach above the latter would cause the asset to reach a new low on February 6 of 0.6855.

 

A breach of the April 10 low at 0.6620 would expose the Australian dollar to the March 10 low at 0.6564, followed by the round-number support at 0.6500, according to an alternative scenario.


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