The Australian dollar jumped from support at 0.9324 to 0.9350 and then consolidated slightly lower against the US dollar. Economic releases were not supportive for the Aussie this morning but even though the currency gained ground against the greenback. The AUDUSD in the longer term remains in range trading between 0.9500/0.9240. Looking ahead, we expect RBA Rate Statement tomorrow where the central bank is forecasted to hold rates unchanged at 2.50%. In addition, the Australian dollar maintains its ground while the prices for its major exports like Iron Ore and Copper were falling in the previous week.
Elsewhere, the Euro declined to fresh 1-year low at 1.3118 against the US dollar but the bounced up to 1.3138. The British pound overpassed a major resistance at 1.6613 and is currently trading at 1.6638. Looking ahead for this week, we would be extra cautious due to almost all major central banks deciding ofr their monetary policies. The RBA on Tuesday, Bank of Canada decides on Wednesday, on Thursday Bank of England and ECB would decide as well. Also, on Thursday we expect the US ADP employment report and eventually on Friday the most important event the US Non-Farm Payrolls. For those who trade the news this is a paradise week.
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