OctaFX | OctaFX Forex Broker
Open trading account
Back

AUD/USD: consolidates before major RBA event

FXStreet (Guatemala) - AUD/USD has settled into a period of consolidation after yesterday's activity in Asia with a bid on the back of better than expected Chinese Caixan manufacturing PMI's for September at 48.3 vs 47.5 consensus and 47.2 previous.

The data offered the bulls some relief after a bearish gap that was filled subsequent to commitments, but instigated on the back of weak manufacturing PMI's for October that were a miss. We have the RBA interest rate decision and statement tomorrow so there may not be much activity until this key release.

Nonfarm Payrolls are also due as another major highlight and anything reasonably bullish from this report will likely leave the door open for a December rate hike from the Fed, underpinning demand for the greenback.

AUD/USD levels

Technically, the price needs to break the 28th October high of 0.7159 targeting R2 at 0.7199 through the 200 SMA at 0.7179. On the downside, the 0.7050/80 area is a key level of support that guards the downside to 0.7000.

EUR/USD fails to sustain gains

EUR/USD reached a daily high at 1.1052 at the beginning of the New York session, but failed to hold gains and it has been slowly grinding lower over the last hours.
Read more Previous

BoE to indicate near term rate hikes? - Nomura

Philip Rush, analyst at Nomura explained that at noon on 5 November, the BoE will announce its latest monetary policy decision and publish both the minutes of the monthly meeting and the quarterly Inflation Report, consistent with the changes introduced a few months ago.
Read more Next
Start livechat