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Gulf Press > Business > Forex > Australian dollar continues to rise on strong economic data
Forex

Australian dollar continues to rise on strong economic data

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Last updated: 2024/07/03 at 2:40 AM
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The Australian Dollar (AUD) saw a boost in value on Wednesday, thanks to the release of positive economic data. Australia’s Retail Sales increased by 0.6% MoM in May, surpassing both the expected 0.2% rise and the previous month’s 0.1% gain. This news contributed to the AUD’s gains for the second consecutive day, along with the Judo Bank’s Australia Purchasing Managers Index (PMI) showing improvement in June.

Moreover, the USD’s weakness also supported the AUD/USD pair, as the US Dollar saw a decline due to lower US Treasury yields. Traders are eagerly awaiting further direction from the US ADP Employment Change, ISM Services PMI for June, and the FOMC Minutes, which are all set to be released later on Wednesday. Additionally, the technical analysis shows the Australian Dollar holding ground above 0.6650, with a bullish bias indicated by the 14-day Relative Strength Index (RSI) slightly above 50.

The recent data releases have also shed light on other factors affecting the Australian Dollar. The Reserve Bank of Australia’s (RBA) Index of Commodity Prices fell by 4.1% YoY in June, marking the mildest deflation in sixteen consecutive months. On the other hand, China’s Services Purchasing Managers’ Index (PMI) fell from 54.0 in May to 51.2 in June, leading to concerns about the impact on the Australian Dollar due to the close trade ties between the two nations.

In addition, Federal Reserve Chair Jerome Powell’s slightly dovish stance and the RBA’s June monetary policy meeting minutes emphasized the need for vigilance regarding inflation and the decision to hold rates instead of hiking. The Melbourne Institute’s Monthly Inflation Gauge also raised concerns about a potential rate hike in August, reflecting the ongoing uncertainties and economic shifts influencing the AUD.

Overall, the Australian Dollar’s value is closely tied to various factors such as interest rates, the health of the Chinese economy, Iron Ore prices, Trade Balance, and market sentiment. With ongoing economic data releases and global developments impacting the currency, traders and investors are closely monitoring these factors to gauge the AUD’s future movements. As the currency continues to show resilience and gain ground, market participants remain vigilant for any emerging trends that could shape its trajectory in the coming days.

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News Room July 3, 2024
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