Don’t waste your time – keep track of how NFP affects the US dollar!
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In February-March, the Reserve Bank of Australia effectively reduced the interest rate from 0.75% to 0.25%. The move was caused by unprecedented damage the Australian economy had to absorb because of the virus – the RBA’s intention was to provide enough stimulus to re-start the economy after such a downturn.
Consequently, AUD/USD fell from 0.6700 where it has been drifting at the beginning of the year, to 0.5600. Later on, however, the AUD started gaining strength and never failed to do that until now: currently, it trades at 0.7450. The last time it was there is two years ago.
Now, the trajectory seems quite clear and offers little alternative so far to suspect any change. Or does it really?
A recent survey shows that the RBA is likely to expand the quantitative ease program and/or cut the interest rate even more. The reason is the same: the unprecedented economic downturn expansion that forces the monetary authorities to use all available instruments to improve the situation. In general, the RBA is not very comfortable with the appreciation trajectory the AUD is on. For this reason, take 0.7450 as a likely red zone for bulls as it is very possible that this level will see AUD/USD reverse downwards after the RBA’s session next week.
The U.S. Commerce Department said it will issue an order Friday that will bar people in the United States from downloading Chinese-owned messaging app WeChat and video-sharing app TikTok starting on September 20.
After yesterday's equity sell-off things are looking mixed in the Asian session this morning.
US stock markets tumbled at the opening on Thursday as the Federal Reserve's warnings about a slow recovery from the pandemic.
The New Zealand dollar is rising for the sixth straight day, outperforming its major peers. What is the reason? Let’s find out!
The U.S. Commerce Department said it will issue an order Friday that will bar people in the United States from downloading Chinese-owned messaging app WeChat and video-sharing app TikTok starting on September 20.
Oil keeps rallying for the fourth day in a row after Goldman Sachs claimed that the oil market is in deficit and also because of the recent storm in the Gulf of Mexico, which led to the sharp decline of oil production. It is the best week for oil since June!
