The Australian dollar rose during the Asian session, to witness its rebound for the second session from its lowest since the second of February, when it tested its lowest since December 28, 2020 against the US dollar amid scarcity of economic data by the Australian economy and on the cusp of developments and upcoming economic data today. Thursday by the US economy, the largest economy in the world, which includes the speech of members of the Federal Open Market Committee.
At exactly 03:36 AM GMT, the Australian dollar against the US dollar rose 0.37% to 0.7610 levels compared to opening levels at 0.7582, after the pair achieved its highest level during the session's trading at 0.7614, while it reached its lowest level at 0.7579.
Investors are currently awaiting the American economy to reveal the final reading of the gross domestic product index, which may confirm the expansion of the largest economy in the world 4.1%, unchanged from the previous preliminary reading of the fourth quarter and compared to 33.4% growth in the last third quarter, as the final reading may confirm For the same index measured by prices, a growth of 2.1%, unchanged from the previous preliminary reading, compared to a growth of 3.5% in the third quarter.
This comes, before we witness the release of the subsidy requests index reading for the past week on March 20, which may reflect a decrease by 43,000 requests to 727,000 requests compared to 770,000 requests in the previous reading, leading to the speech of members of the Federal Open Market Committee beginning with a conversation. Fed Deputy Governor Richard Clarida on the economic outlook and monetary policy at a hypothetical event hosted by the Institute of International Finance.
Markets are also looking forward to New York Federal Reserve Chairman John Williams participating in a panel discussion on the urban central of Circus in an online event hosted by the headquarters of the headquarters, followed by who will look to us Atlanta Fed President Raphael Bostic to talk about the economy in times of Corona virus in the club New York economist.
To the President of the Chicago Federal Reserve, Charles Evans, about the economic outlook at an online event hosted by "Women in Housing and Finance," before we witness, later today, San Francisco Federal Reserve President Mary Daly talking about monetary and fiscal policy in the era of the Corona virus. At an online event hosted by California State University.
This comes hours after Fed Governor Jerome Powell and Treasury Secretary Janet Yellen testified before Congress about the quarterly report on the Caires Act. We would like to point out that Powell mentioned in the first half of his testimony before the Senate Banking, Housing, and Cultural Affairs Committee last Tuesday for being The growth of inflationary pressures in his country is expected to accelerate in the coming months, as he stated that inflationary pressures will not get out of control.
In the same context, Powell expressed yesterday, Wednesday, within the second half of his testimony before the House Financial Services Committee, that he expects that the US economy will witness strong growth in 2021, supported by a recovery from the negative repercussions of the Corona pandemic, and this came hours after Powell's statements earlier this week that He mentioned that he believes that the US economy is still far from a total recovery.
For her part, Yellen expressed, in her testimony about the Treasury's policies to confront the negative repercussions of the Corona pandemic before Congress, her expectations that the US economy will reach the stage of a total recovery in employment by next year 2022, and in another context, we have recently followed the report that touched on the fact that US President Joe Biden ordered his economic team in The White House prepared a $ 3 spending and economic stimulus plan to support the performance of the US economy.
- The Australian dollar versus the US dollar is stabilizing below 0.7615, to keep the negative pressure in place for the upcoming period, waiting to head towards 0.7500, which represents our next stop.
- The SMA 50 supports the expected decline, which will remain valid as long as it is stable below 0.7615.
- The expected trading range for today is between 0.7540 support and 0.7650 resistance
- The expected general trend for today: Bearish