Will the US economy help the greenback?
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
Will the Australian Monetary Policy Meeting minutes support the AUD?
The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.
Instruments to trade: AUD/USD, AUD/NZD, AUD/CHF, EUR/AUD
Until recently, Australia’s economic overview in the context of the world pandemic has been pretty strong. The AUD showed bullish tones across the board, the country was the first one to pick up in line with China while others were still shredding off the dust of fiercest battles against the virus. Lately, however, Australia had to reintroduce lockdowns in some of its key areas as the virus broke in again. The meeting minutes we are to receive on Tuesday refers to the last interest rate decision – the interest rate was kept at 0.25%. However, given the recent developments, we may receive some additional information on how Australian authorities are planning to steer the country’s economy and the AUD through the second phase of the virus hit.
- If the RBA’s tone is hawkish, the AUD will rise.
- If the RBA’s tone is dovish, the AUD will fall.
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The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
GBP is in focus
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…
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