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24 Feb 2015
AUD/USD: Steady ahead of China PMI's and Yellen tomorrow
FXStreet (Guatemala) - AUD/USD is currently trading 0.7802 with a high of 0.7805 and a low of 0.7798.
AUD/USD is steady having recovered, to some extent, back onto the 0.78 handle but capped at 0.7810/20 earlier in the US session. The greenback was firm with failures in the EZ around the Eurgroup procedures with Greece late on submissions while tomorrow brings a number of Central Banks governors making speeches. Yellen takes the spot light in her testimony, so that markets are bracing themselves for that. Any indication that we are on for the first rate hike as soon as the middle of the summer could hurt the Aussie.
Meanwhile, remembering back to the recent RBA minutes, the market has gone into neutral for their outlook in respect of a March cut. Analysts at Westpac Global Strategy Group explained that with -50bp priced by year-end and China’s data pulse slow, it is still hard to argue a bullish AUD outlook, even short term. and technically. Today we await Chinese PMI's and analysts at Brown Brothers Harriman suggest that the risk is on the downside. "The economy is in a transition and growth has slowed."
AUD/USD is steady having recovered, to some extent, back onto the 0.78 handle but capped at 0.7810/20 earlier in the US session. The greenback was firm with failures in the EZ around the Eurgroup procedures with Greece late on submissions while tomorrow brings a number of Central Banks governors making speeches. Yellen takes the spot light in her testimony, so that markets are bracing themselves for that. Any indication that we are on for the first rate hike as soon as the middle of the summer could hurt the Aussie.
Meanwhile, remembering back to the recent RBA minutes, the market has gone into neutral for their outlook in respect of a March cut. Analysts at Westpac Global Strategy Group explained that with -50bp priced by year-end and China’s data pulse slow, it is still hard to argue a bullish AUD outlook, even short term. and technically. Today we await Chinese PMI's and analysts at Brown Brothers Harriman suggest that the risk is on the downside. "The economy is in a transition and growth has slowed."