AUD/USD poised for a ninth week of gains in a row - andersonhunisgung
AUD/USD extended gains from the prior trading day and remained not far from 18 1/2-month highs on Friday, as the US Buck softened against a basket of sixer major peers after an unlooked-for rise in US jobless claims and a drop in US bond yields.
The number of American citizens filing for unemployment assistance unexpectedly increased away 1.106 million during the concern week ended on Revered 14th, the Labor Section reported on Thursday, Eastern Samoa re-surging COVID-19 cases apparently strained the occupation commercialise.
The jobless claims information came only a daylight after Fed representatives warned that a recovery in hiring had begun to slow, which brought forth concerns over the pace of US economic recovery from the coronavirus crisis.
"Sentiment for the buck is weak, reflecting each the QE and the refuse in tangible U.S. yields," Tsutomu Soma, a credit trader at Monex Securities, said.
The yield on US 10-year regime bonds roughshod slightly to 0.651% on Friday.
Lag, in Australia, manufacturing body process expanded for a third straight month in August, preliminary data aside Markit showed earlier on Friday. The Commonwealth Bank Manufacturing PMI for Australia was reported at a level of 53.9 in August, down from a final 54.0 in July, every bit new orders continued to increase. Still, supply irons were pressured due to freight delays, border restrictions and issues in logistics.
The country likewise reported the lowest number of new COVID-19 infections in five weeks on Friday, with freshly cases in the state of Capital of Seychelles falling to 179 from 240 a day ago.
American Samoa of 6:56 GMT on Friday AUD/USD was inching up 0.05% to trade at 0.7195, while moving within a daily range of 0.7184-0.7216. Happening Wednesday it climbed as high as 0.7276, or its strongest stratum since February 1st 2022. The major pair advanced 3.48% in July, which marked its one-fourth succeeding month of gains. The pair was also poised for a ordinal straight workweek of boost, while being up 0.30%.
Connected today's scheme calendar, at 14:00 GMT the National Tie-u of Realtors will report connected US present home sales. The respective index plausibly rose 14.7% to a seasonally adjusted annual degree of 5.38 million units in July compared to June, according to market consensus. In June, sales of previously owned houses were 20.7% higher from a month ago to range 4.72 million. It has been the sharpest monthly increase in sales since comparable series began in 1968.
Bond Yield Spread
The spread between 2-year Continent and 2-yr America bond yields, which reflects the run over of funds in a short term, equaled 13.4 base points (0.134%) atomic number 3 of 6:15 GMT on Friday, down from 13.9 ground points on August 20th.
Daily Pivot Levels (orthodox method of calculation)
Central Pivot – 0.7177
R1 – 0.7217
R2 – 0.7243
R3 – 0.7284
R4 – 0.7325
S1 – 0.7151
S2 – 0.7110
S3 – 0.7084
S4 – 0.7058
Author: Miroslav Marinoff, a newsworthiness editor program at TradingPedia, is engaged with observing and reportage happening the tendencies in the Foreign Commutation Market and the US Stock Market.
Source: https://www.tradingpedia.com/2020/08/21/forex-market-aud-usd-trades-not-far-from-18-1-2-month-highs-pair-set-for-a-ninth-week-of-gains-in-a-row/
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