DCFX-TA

AUDUSD | Market outlook

Long
FOREXCOM:AUDUSD   Australian Dollar / U.S. Dollar
The AUD/USD pair shows growth, developing a strong "bullish" momentum formed at the beginning of the month. Since then, the instrument has risen from 0.6500 to 0.6760, demonstrating a decline only on June 7 after the release of weak macroeconomic statistics from Australia. The current growth of quotations is noticeably limited by the fact of the US Federal Reserve meeting on June 13-14, despite the fact that at the moment analysts do not expect an increase in interest rates from the current level of 5.25%. However, last week the Bank of Canada and the Reserve Bank of Australia (RBA) increased the cost of borrowing contrary to forecasts, so such a move by the US regulator is also possible. The RBA adjusted the rate by 25 basis points to 4.10%, noting the risks of inflation, which continue to threaten the economic recovery. Additional pressure on the positions of the AUD/USD pair is exerted by weak statistics from Australia. Westpac Consumer Confidence index in June added 0.2% from -7.9% in the previous month, while analysts expected zero dynamics, the National Australia Bank's Business Conditions fell from 14.0 points to 8.0 points in May with a forecast of a fall to 10.0 points, and the National Australia Bank's Business Confidence went down from 0.0 points to -4.0 points.
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