EUR/USD 1.17642
-0.074%
Gold 5042.93
0.926%
Oil 66.069
-0.857%
USD/JPY 155.451
0.294%
GBP/USD 1.34745
0.088%
GBP/JPY 209.467
0.394%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
February 20th - US core PCE inflation rose more than expected in December, and various signs indicate that inflation will accelerate further in January, reinforcing market expectations that the Federal Reserve will not cut interest rates before June. Data released Friday by the US Bureau of Economic Analysis showed that, excluding volatile food and energy prices, the core PCE index rose 0.4% month-over-month in December, compared to economists forecasts of a 0.3% increase. The core PCE inflation rate rose 3.0% year-over-year, compared to 2.8% in November. Core PCE is one of the Federal Reserves most favored indicators. This data is included in the fourth-quarter GDP forecast report released Friday. Although the US Bureau of Labor Statistics Consumer Price Index report released last week showed a moderate increase in Januarys CPI, inflation in the service sector still exhibits some lag. Economists also noted a surge in legal services prices in January.February 20th - U.S. economic growth lagged behind expectations at the end of last year, dragged down by a record government shutdown, weak consumer spending, and trade. According to preliminary estimates released by the U.S. government on Friday, the annualized growth rate of gross domestic product (GDP) in the fourth quarter, adjusted for inflation, was 1.4%, down from 4.4% in the previous quarter. Data from the Bureau of Economic Analysis showed that the overall economy grew by 2.2% last year. The weak economic performance fell short of all expectations in a Bloomberg survey of economists, as the U.S. government was shut down for nearly half of the three-month period during the quarter. The Bureau of Economic Analysis stated that the government shutdown reduced GDP by about one percentage point. Despite the slowdown at the end of the year, these figures still marked a solid year for the U.S. economy. The U.S. economy contracted in the first quarter due to a surge in imports before tariffs took effect, but subsequently achieved one of its strongest growth rates in years. This turnaround was thanks to Trumps abandonment of the toughest tariffs and the Federal Reserves interest rate cuts, which propelled the stock market to record highs and enabled wealthy Americans to continue spending.February 20th - The U.S. economy slowed in the fourth quarter of last year, impacted by the record government shutdown and slowing consumer spending. Data released Friday by the Commerce Department showed that, after seasonal and inflation adjustments, the annualized growth rate of U.S. gross domestic product (GDP) in the fourth quarter was 1.4%. Economists surveyed by The Wall Street Journal had expected a figure of 2.5%. The fourth-quarter growth rate was a significant slowdown from the astonishing 4.4% growth rate seen in the summer. Federal government spending fell by 16.6% in the fourth quarter.German Finance Minister Klingbeer on ECB President Lagardes term: This is just speculation, and I will not participate in speculation.Following the release of the latest economic data, U.S. short-term interest rate futures showed little change; traders continue to bet that the Federal Reserve will cut rates in June.

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.


Suggestion