
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Don’t waste your time – keep track of how NFP affects the US dollar!
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The Reserve Bank of Australia will hold a meeting on August 3. Analysts believe the bank may increase its quantitative easing program, while other banks are lowering their bond buys or discussing this decision.
Australia is poorly coping with the new Covid-19 wave. Sydney's current lockdown is expected to end on August 28 and there are some rumors that it might be extended. Five weeks of lockdown haven’t helped – infections continue to spread.
Westpac, an Australian bank, claimed that the RBA may lift the purchase pace from 5 billion Australian dollars to 6 billion. If the bank increases asset purchases, it may surprise the markets and send the AUD down.
The AUD has already weakened. It has dropped against all major peers in July! Just look at the chart.
Source: https://www.poundsterlinglive.com/
AUD/USD is forecasted at 0.73 at the end of 2021 by Wells Fargo, 0.74 by the end of March 2022, 0.75 by the end of June 2022, and 0.76 by the end of September.
AUD/USD is moving inside the descending channel. However, it has been stuck in a range between 0.7340 and 0.7400 since July 21. It’s touching the upper trend line now, therefore the pair is likely to reverse down. If it drops below the 0.7340 support level, it may fall to the low of July 20 at 0.7300. Resistance levels are high of July 29 at 0.7400 and the next round number of 0.7450.
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
The US Federal Reserve may refrain from more aggressive interest rate hikes in March due to geopolitical risks after Russia's special operation in Ukraine…
The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.
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Last week was shocking! The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…
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