2020-07-17 • Updated
The next week may definitely be called Australian due to the huge amount of economic releases.
AUD/USD has been fluctuating in a 100-pip range between 0.6925 and 0.7025 in almost two weeks. The upward rally has slowed down because of escalating tensions between China and Australia. Moreover, increasing numbers of coronavirus cases deteriorated the market sentiment and pushed down the risky aussie. Yesterday the mixed data from Australia was released. The employment change came out better than anticipated: 210 800 people found new jobs, while the forecast was only for 106 000. Unfortunately, the 7.4% unemployment rate exceeded expectations by 0.2%. The AUD slightly surged after the report, but then fell down. Today the US consumer sentiment will have a huge impact on the pair performance. Stay tuned at 17:00 MT time. Also, pay attention on the next week as it will be full of the Australian data:
AUD/USD bounced back from the key resistance at 0.7025, but met the strong support at 50-period moving average at 0.6965. The resistance level is at the key psychological mark at 0.7000. If it crosses it, the pair will surge to the next one at 0.7025. The support is at 0.6965. The move below will drive the price lower to the next support at 0.6925. Follow economic releases and trade accordingly!
China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
