
The G20 summit took place in Bali, Indonesia, on November 2022…
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The RBA left the interest rate at 0.25% today. As such, it is a record low level. In the context of the situation, it is natural as seen as a response to the damage inflicted by the virus. In fact, given the severity and uncertainty of the economic fallout still yet to evaluate, it may come as a sign of strength that the rate was not decreased further.
China reports no new mortal cases and is clearly on the way out of the pandemic. Consequently, it’s economy is gradually recovering and gaining the moment it lost three months ago. For Australia, that is vital given the close trade relationship it has with China. Although Australia itself is not yet through the crisis, the improved position of its main trade partners improves its own economic outlook and bring some positive notes to its currency.
As we have seen before, the best barometer for the mood of the AUD is the JPY. Generally, AUD behaves in a similar manner to all its counterparts in the Forex market, but the Japanese yen makes it much more visible than, say, against the USD, in many cases. So as we have said, the improving position of the AUD is clearly visible on the chart. However, the upward dynamics should also be ascribed to the weakening of the JPY. Will the resistance of 68.81 be crossed? Very possibly, especially given the recent announcement of a state of emergency in Japan. That doesn’t change the strategic layout though. That’s why keep in mind that the current picture of the AUD climbing further is merely an effort of this currency to inch above the 10-year low it is in. In other words, the outlook for the AUD is positive in the short-term. In the long-term, there are miles to go to reverse a heavy outlook for the Australian dollar.
Resistance: 68.81
Support: 64.75
The G20 summit took place in Bali, Indonesia, on November 2022…
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
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