8/3/2021 11:13:25 PM GMT | By Anil Panchal
AUD/NZD sellers renew 2021 low during second day of losses on strong NZ employment data.
NZ Unemployment Rate dropped to 4.0%, Employment Change rose 1.0% in Q2.
Mixed market sentiment tests traders, data from Australia, China eyed for fresh impulse.
AUD/NZD remains on the back foot, taking offers around 1.0500 amid Wednesday’s initial Asian session. Although the Reserve Bank of Australia’s (RBA) hawkish tilt tried to save the bears the previous day, New Zealand’s (NZ) strong employment figures for the second quarter (Q2) weighed on the quote of late.
NZ Employment Change crossed 0.7% market consensus and 0.6% prior to 1.0% whereas the Unemployment Rate dropped to 4.0% versus 4.5% forecast and 4.7% previous readouts.
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EUR/USD Forecast: Bulls discouraged, eyes on US data
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7/30/2021 3:40:39 PM GMT
The Fed smashed the greenback but the aussie could not take advantage of it.
The Reserve Bank of Australia will announce its decision on monetary policy on Tuesday.
AUD/USD maintains a bearish stance amid concerns about the Australian economy.
The broad dollar’s weakness fell short of helping AUD/USD. The pair ended the week pretty much unchanged, trading below the 0.7400 level. The Australian could not advance with the usual catalysts but retreated rapidly with those that weigh on the aussie, reflecting the absence of interest for the commodity-linked currency.
Coronavirus spooking aussie buyers
The main reason is still linked to the pandemic. Australia passed 2020 without much economic pain, as the island country quickly closed its borders. However, such a strategy could not be applied eternally, and the country opened borders with neighbour New Zealand after a year. The virus entered the country, and since early June, multiple regional lockdowns ha
7/30/2021 3:36:52 PM GMT
The US Federal Reserve disappointed markets by showing no rush to taper.
The US economy is expected to have added roughly 1 million jobs in July.
EUR/USD has recovered nicely, but a course change has not been confirmed.
The EUR/USD pair reached fresh July highs on the last trading day of the month, settling just below the 1.1900 level. The pair has advanced ever since the week started but gained momentum on Wednesday after the US Federal Reserve smashed the dollar.
No time for tapering
The US central bank left its monetary policy unchanged, as expected, and noted that the economy has continued to progress but noted that “substantial further progress” toward the Fed’s goal of stable prices and maximum employment has not yet been achieved. “We are not there yet,” said Chairman Jerome Powell in the Q&A that followed his speech. Market participants were hoping for some clues on how and when the US central bank will start to reduce its bond-buyin