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The currencies were already weaker at the start of the session due to expectations of rising U. The central bank voted again to hold its cash rate unchanged at 1. The RBA last adjusted rates in August , cutting the.
The Australian dollar has gone sideways overall during the session on Monday so far, but it looks as if the 0. If we were to break down below that level, I think that the 0. Also, the strength in the USD played a role to break the market harder. Increased demand for higher-yielding assets is underpinning the currencies, but higher U. Treasury yields are capping gains by making the. The selling pressure was essentially fueled by the widening of the interest rate differential between U.
Government bonds and Australian Government bonds. Fueling the move in interest rates was the divergence in. With the Fed raising rates for a third time this year and signaling more to come, the spread between U.
The Australian Dollar started the week in a strong position, but sellers stopped the counter-trend rally after the Fed raised rates and hinted at another rate hike in December. The widening interest rate differential between U. Government bond yields and Australian Government bond yields also made the U.
The Australian and New Zealand Dollars closed slightly higher on Friday as emerging markets rebounded after several days of selling pressure. Technically oversold conditions may have also played a role in the rebound as well as profit-taking and positon-squaring ahead of the week-end. Early in the session, traders showed little reaction.
The Australian dollar has been very resilient considering that we have a major flareup in tensions between the Americans and Chinese. The Australian dollar has rallied a bit during the day on Friday after testing the 0. At this point, it looks as if the market is trying to reassert its upward pressure, as the value hunters continue to look at. The pair has now breached the crucial support level of 1.
Also, it is facing trouble from strength in USD. The Australian Dollar is trading slightly better on Friday, rebounding from earlier weakness. The initial move after the lower opening drove the currency into. Event-driven macro and classic technical analysis Average Time Frame of Trades: A few days to a few weeks. E-Mail Please enter valid email.
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