HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

Australian dollar gives back gains


27 October 2016

Holding the Australian dollar can be a risky proposition at the moment judging by today’s volatility which saw the currency  bounce all over the place before ending up not far from where it started the trading session.

In the early Asian trading the Aussie dollar surged through the US77c mark on the back of local CPI figures which hit the market at 0.7 percent against expectations for a figure of 0.4 percent while the yearly figure came in at 1.3 percent, well above the expected figure of 1.1 percent.

The Major reason for the jump was speculation that with such strong inflation figures the RBA would hold off cutting rates further until late 2017 or may even be done with this rate cutting cycle.

But no sooner had the currency reached a high of US77.08, the bears stepped in and pushed the Aussie down to US76.44 as of 6.40pm (GMT) on the back of weaker oil prices and strong data from the US.

Data out of America showed the US services sector jumped in October with the preliminary Services PMI Index coming in at 54.8, well up from the September’s figure of 52.3 and well above analysts’ predictions for a figure of 52.3.

The data gives more reason to the US Federal reserve to lift rates in December which is a burden for the Aussie dollar as the narrowing gap between interest rates lessens the attractiveness of the carry trade.

Share: Tweet this or Share on Facebook


Related

AUD/USD Dips to a 1-Month Low: A Technical Analysis
AUD/USD Dips to a 1-Month Low: A Technical Analysis

The AUD/USD currency pair has been experiencing a downward trajectory, slipping to a fresh one-month low of 0.6606, indicating a negative wave that initiated from 0.6870...

16 Jan 2024

Australian Dollar Grapples with Uncertainty Ahead of US Nonfarm Payrolls Release
Australian Dollar Grapples with Uncertainty Ahead of US Nonfarm Payrolls Release

The Australian Dollar (AUD) is exhibiting a phase of stability, yet with underlying pressures, as it hovers near a key psychological level of 0.6700...

5 Jan 2024

AUDUSD Wave Analysis: Facing Resistance and Poised for Potential Decline
AUDUSD Wave Analysis: Facing Resistance and Poised for Potential Decline

AUDUSD Encounters Stiff Resistance, Signaling a Potential Downward Correction. The Australian Dollar against the US Dollar (AUDUSD) has recently encountered...

29 Dec 2023

AUD/USD Pauses Just Above 0.6600 Ahead of US Payrolls Release
AUD/USD Pauses Just Above 0.6600 Ahead of US Payrolls Release

The Australian Dollar (AUD) is maintaining a modestly positive stance, with bearish pressure being capped around the 0.6590 level. The currency pair is poised to remain within a trading range...

8 Dec 2023

AUD/USD Eyes the 0.6745 Resistance Level Amidst Strengthening Momentum
AUD/USD Eyes the 0.6745 Resistance Level Amidst Strengthening Momentum

Overview of AUD/USD's Current Trajectory Economists Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group have forecasted potential further gains for the Australian Dollar against the U.S. Dollar (AUD/USD)...

4 Dec 2023

AUDUSD Technical Forecast: Navigating the Bearish Waves with Key Resistance and Support Levels
AUDUSD Technical Forecast: Navigating the Bearish Waves with Key Resistance and Support Levels

The AUDUSD currency pair has recently showcased a significant technical development, marked by a reversal from a critical resistance level. This shift occurred at the 0.6500 mark...

17 Nov 2023


MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.