Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Australian dollar edges up in Asia ahead of NAB
On Tuesday, the Australian dollar tacked on in Asia, with a business poll ahead supposed to set the tone along with later data from China on money supply.
The currency pair AUD/USD showed 0.7543, rising 0.17%, USD/JPY reached 109.88, sliding 0.42%. The currency pair GBP/USD went down overnight by 0.69%, being worth 1.2659.
Gauging the greenback's value versus a trade-weighted basket of six main currencies, the US dollar index slid 0.09%, trading at 97.15.
The National Australia Bank is expected to publish its May business confidence poll with the previous reading at plus-13 as well as its business poll with the previous figure at plus-14. As for China’s report on money stock, it’s supposed to demonstrate a 10.4% revenue on year, while new loans might hit CNY 1 trillion.
Overnight, the greenback stood flat versus a basket of major currencies, unable to capitalize from a drop in the British pound, while expectations that the Fed will lift its benchmark rate on Wednesday restricted downside momentum.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.