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Market Analysis: AUDUSD: Business : Nigerialog.com - Nigeria's Premier Online Forum

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Market Analysis: AUDUSD

By: alagbe003 (M) |Time : June 19, 2018, 10:03:15 AM
The Aussie slumped against the Greenback in the session as sentiment with respect to the recent decision of the white house to gather a list of another $200 billion Chinese goods eligible for tariff hike. This decision influenced sentiment on the Aussie as Australia is a major trade partner with China. The slightly dovish statement by Raphael Bostic, President of Federal Reserve Bank of Atlanta was successfully countered by the slightly hawkish statement of John Williams President of Federal Reserve Bank of New York where he pointed out that the US economy is in great shape.

Today, the instrument opened below the pivot and is still surging southward on major timeframes ahead of Building permits from the US by 1:30 pm.
The Minutes released by the Reserve Bank of Australia showed that the current economic growth in the country is expected to gradually lead to a decline in unemployment and is expected to further push wage rate high amidst expected rise in inflation. The minutes failed to meet expectations of investors as the Bank retain current interest rate. The decision is expected to continue to weigh on the Aussie and still bring it further down against the Greenback hence the current bearish trend is envisaged to continue.

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