The Australian dollar remained under pressure in the final part of last week even as other developed country currencies like sterling and euro crawled back.
Asia-Pacific currencies are in focus as fourth-quarter trading begins ahead of the Reserve Bank of Australia’s rate decision. A Chinese holiday may drain liquidity and increase volatility.
The Australian Dollar is in focus ahead of Chinese PMI data following a downbeat session on Wall Street. A beat on the data may help revive sentiment. The Reserve Bank of India is also in focus to close out the week.
The New Zealand Dollar took advantage of a broader pullback in the US Dollar, outperforming its major peers, including the Australian Dollar. New Zealand economic data is on tap for today’s session.
Developments in the Relative Strength Index (RSI) raises the scope for a near-term rebound in AUD/USD as the oscillator climbs out of oversold territory.
The AUD/USD tried to rally at the beginning of the session on Tuesday but gave back gains rather rapidly as it somehow looks like we are in worse shape than we were a couple of days ago.
The Australian Dollar has been belted by a soaring US Dollar and a divergence of policy guidance from the RBA to other central banks. Will a smallish hike send AUD/USD south?The Australian Dollar has been belted by a soaring US Dollar and a divergence of policy guidance from the RBA to other central banks. Will a smallish hike send AUD/USD south?
