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 continues to surge as buyers target 0.6700 before Australian job data
Share
Notification Show More
Latest News
Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle
L’Oréal Paris Celebrates the Groundbreaking Launch of MELASYL at the Iconic Museum of the Future
Lifestyle
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 continues to surge as buyers target 0.6700 before Australian job data
Forex

AUD/USD continues to surge as buyers target 0.6700 before Australian job data

News Room
Last updated: 2024/05/15 at 11:08 PM
News Room
Share
3 Min Read
SHARE

The Australian Dollar saw a significant gain of over 1% against the US Dollar on Wednesday, following data that showed a moderation in consumer inflation in both Australia and the US. In the US, April’s Consumer Price Index (CPI) rose by 0.3% MoM, with the core CPI, which excludes volatile items like food and energy, dipping to 0.3% as expected. Meanwhile, in Australia, wages increased less than estimated in Q1 2024, indicating easing inflationary pressures. The AUD/USD pair traded at 0.6695 in the Asian session on Thursday.

As consumer inflation showed signs of cooling in the US and Australia, the Federal Reserve’s tone shifted, with officials acknowledging the need for higher borrowing costs. In the US, Retail Sales remained unchanged in April, missing expectations of a 0.6% increase. Minneapolis Fed President Neel Kashkari mentioned the possibility of higher borrowing costs due to rising government debt, raising concerns about the impact on consumer spending and the level of restrictive monetary policy.

Looking ahead, Australia’s Employment report is anticipated, with estimates suggesting a rise of 23.7K employees added to the workforce in April. The unemployment rate is forecasted to increase to 3.9% after ticking higher to 3.8% previously. From a technical perspective, the AUD/USD chart indicates an uptrend with potential for further gains if the pair clears the 0.6700 level. Momentum remains positive, with the Relative Strength Index (RSI) pointing upwards.

Factors influencing the Australian Dollar include interest rates set by the Reserve Bank of Australia (RBA), the price of its largest export, Iron Ore, the health of the Chinese economy, inflation in Australia, growth rate, Trade Balance, and market sentiment. The RBA’s decisions on interest rates impact the level of interest rates in the economy, with relatively high rates supporting the AUD and vice versa. Factors such as the health of the Chinese economy, Iron Ore prices, Trade Balance, and market sentiment also play a significant role in determining the value of the Australian Dollar.

China’s status as Australia’s largest trading partner makes the health of the Chinese economy a crucial factor in influencing the Australian Dollar. Positive or negative surprises in Chinese growth data can directly impact the value of the AUD. Additionally, Iron Ore, Australia’s primary export, has a significant impact on the Australian Dollar. A rise in Iron Ore prices generally leads to an increase in the value of the AUD, as demand for the currency rises. The Trade Balance, which reflects the difference between a country’s exports and imports, also plays a role in influencing the Australian Dollar. A positive Trade Balance strengthens the AUD, while a negative one weakens it.

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 May 15, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Qatar participates in Arab League Council meeting in Manama
Next Article Former House Speaker Paul Ryan Believes Stablecoins Could Reach Trillions in Value With Regulation
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

Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE May 12, 2025
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE May 10, 2025
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports May 8, 2025
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle May 5, 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?