Aussie drops to one-week low on terrible jobs data, risks further weakness on negative fundamentals
The Australian dollar fell to one-week low (0.6420) in Asia on Thursday after labor data showed monthly job losses rose to a record high (nearly 600K) and unemployment rate rose to 6.2% (the highest since Aug 2015).
Adding to negative tone…
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Much lower than expected build in crude stocks supports oil prices but bulls lack momentum to resume
WTI oil price rose above $26 level and cracked falling 55DMA ($26.45) after US weekly data showed that US crude inventories rose by only 0.7 million barrels against expectations for 4.1 million barrels build and last week’s increase of 4.5…
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Sterling falls further after Powell downplayed negative interest rates
Cable dropped to the session low at 1.2224 after Fed chief Powell pointed to gloom economic situation and possible need for further measures, but negative interest rates were not considered this time that inflated US dollar.
Fresh optimism…
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Aussie regains traction and advances ahead of Fed Powell’s speech
AUDUSD
The Australian dollar rose above 0.65 handle again on Wednesday, following dip to 0.6432 previous day after China announced partial ban on beef imports from Australia.
Aussie was inflated by weaker US dollar on speculations that…
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The dollar stands at the back foot ahead of key event- speech of Fed chief Powell
The pair extended lower on Wednesday following Tuesday’s close in red after bulls got trapped above 30DMA.
Today’s probe below 20DMA (107.11) and Fibo 38.2% of 105.98/107.79 upleg (107.08) adds to bearish signals, as daily momentum is in…
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Not as bad as expected UK GDP slows bears
Cable edged higher after UK GDP data came not as bad as expected (March -5.8% vs -8% f/c / Q1 -2% vs -2.5% f/c) but remains within daily cloud, which was eventually penetrated on Tuesday after two unsuccessful attempts.
Cloud is narrowing…
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