2019-11-11 • Updated
Aussie slumped to 0.7490 following the sharp fall in iron ore prices and dovish RBA meeting minutes. Towards the end of the week, AUD/USD recouped some of its losses mainly due to recovering industrial metal prices. The meeting minutes showed that the Reserve Bank of Australia's officials are concerned with the lack of improvement in labor market conditions and growth in housing credit to investors. RBA decided not to change its current loose monetary policy settings in the upcoming months.
Next week on Tuesday, Australian banks will be on a holiday. So, traders will be focused on US CB consumer confidence report and new home sales data. On Wednesday, Aussie watchers will be waiting for Australia’s quarterly CPI. In the end of the week, the US core durable goods orders, unemployment claims, final GDP, Chicago PMI and bunch of other economic releases will be the key drivers of the pair.
At the present moment, AUD/USD is hovering near 0.7520 (100-day MA). There is a downside risk for a break under the last-week low at 0.7470. If it is tested successfully, we see quotes sliding towards 0.7430. A move above 0.7565/70 would indicate that the downside pressure has eased and that Aussie might extend its rally towards 0.7550 (200-day MA), of higher towards 0.7610 (the past week high).
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!
|
