By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: AUD/USD falls below 0.6700 due to risk aversion
Share
Notification Show More
Latest News
Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > AUD/USD falls below 0.6700 due to risk aversion
Forex

AUD/USD falls below 0.6700 due to risk aversion

News Room
Last updated: 2024/07/19 at 5:20 PM
News Room
Share
3 Min Read
SHARE

The AUD/USD pair fell by more than 1.30% in the week due to a risk-off mood in the market. China’s weaker-than-expected growth figures in Q2 and declining iron ore prices are serving as headwinds for the Australian Dollar. Despite the challenges, strong jobs data in Australia could potentially lead to a rate hike by the Reserve Bank of Australia (RBA). On the other hand, US job indicators are displaying weakness, adding complexity to the currency market scenario.

The Aussie Dollar has been negatively impacted by the recent decline in iron ore prices and disappointing growth data from China, which is Australia’s largest trading partner. The close ties between the two economies make the Australian Dollar sensitive to developments in China. Moreover, commodity prices, including iron ore, are influencing antipodean currencies, such as the Kiwi, leading to downward pressure on the Australian Dollar.

The US Dollar has been making a recovery, with the US Dollar Index (DXY) posting gains as it tests the crucial 200-day moving average. Despite recent weakness in US job indicators, Federal Reserve policymakers have not indicated any immediate rate cuts, suggesting a cautious approach towards policy adjustments. The market sentiment is also reflecting a risk-off sentiment, prompting traders to seek safety in high-beta currencies.

In terms of technical analysis, the AUD/USD pair is likely to face further downside pressure as it approaches the 50-day moving average. Negative momentum is increasing, as indicated by the Relative Strength Index (RSI) falling below the neutral line. If prices continue to slide, the next support levels to watch for are at 0.6619 and 0.6604. Resistance is seen at 0.6700 and 0.6743.

Factors such as interest rates set by the RBA, the price of iron ore, the health of the Chinese economy, inflation, growth rate, and trade balance in Australia, as well as market sentiment, play a significant role in determining the value of the Australian Dollar. The RBA’s influence on interest rates affects the AUD, with high rates supporting the currency and vice versa. China’s economic health directly impacts the AUD, given its status as Australia’s largest trading partner, while iron ore prices and trade balance also contribute to the currency’s movements.

In summary, the Australian Dollar faces challenges due to global economic factors and market sentiment, as reflected in the recent decline against the US Dollar. While strong jobs data in Australia could potentially lead to a rate hike by the RBA, ongoing uncertainties in the US job market and Federal Reserve policy decisions continue to add complexity to the currency market landscape. Traders are closely monitoring technical levels and key support and resistance levels to gauge the future direction of the AUD/USD pair.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room July 19, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Qatari Communications Regulatory Authority warns users about technical issues with CrowdStrike Software
Next Article Will Bitcoin Blockchain be Affected as Microsoft IT Outage Causes Chaos Worldwide and Bitcoin Price Prediction?
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle July 14, 2025
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?