AUD/USD Weekly Forecast: Bears in control as fear returns fxstreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fxstreet.com Daily Mail and Mail on Sunday newspapers.
7/5/2021 9:37:49 PM GMT | By Anil Panchal
AUD/USD attacks the upper end of nearby trading range.
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RBA is expected to review bond yield target, interest rate, Orr’s comments will be the key.
US traders return after a long weekend, ISM Services PMI adds to the watcher’s list.
AUD/USD seesaws around the week-start levels, teasing resistance of a 30-pips range, as traders brace for an important day carrying the Reserve Bank of Australia (RBA) monetary policy meeting. That said, the quote trades near 0.7530 amid early Tuesday morning in Asia, unchanged on a day mainly due to the off in US markets.
7/5/2021 7:32:02 PM GMT
AUD/USD Current Price: 0.7533
RBA’s Governor Lowe is set to offer an unusual press conference after the decision.
Australian data came in mixed but was overall encouraging.
AUD/USD is technically neutral-to-bullish ahead of the event.
The AUD/USD pair is hovering around 0.7530, unchanged from its previous daily close. Mixed Australian data released at the beginning of the day was mostly encouraging, as the AIG Performance of Construction Index printed at 55.5 in June, below the previous 58.3, while the Commonwealth Bank Services PMI improved to 56.8 in the same month, beating expectations. May Retail Sales were upwardly revised from 0.1% to 0.4%, while Building Permits fell by 7.1%, worse than anticipated.
Date Time
Australian PCI: Construction expansion hit with high prices and capacity squeeze
The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) fell by a further 2.8 points to 55.5 in June, trending lower after hitting a record high in March (readings above 50 indicate expansion in activity, with higher results indicating a faster expansion).
Current activity in housing, engineering and commercial construction remained strong in June (trend), but the deceleration from recent highs confirms that growth rates are slowing.
Ai Group Head of Policy, Peter Burn, said: “Australia’s construction industry continued its run of strong growth in June but the pace of expansion is slipping as it faces capacity constraints and rising input prices. Activity across house building, engineering construction and commercial construction rose in June while activity in the apartment sector slipped back after a brief recovery. Emp
AUD/USD Forecast: Possible bullish extension toward 0 7600 fxstreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fxstreet.com Daily Mail and Mail on Sunday newspapers.