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Forex: AUD/USD extending its decline, around 1.0250

Bearish sentiment continues to punish the Aussie dollar, this time dragging the cross to the proximities of 1.0240 overnight, just to recover some pips since then.

“Today, the AUD looks like continuing to trade quite heavily and unable to be neatly categorised as either a ‘risk-on’ or ‘risk-off’ currency. The scaling up of expectations for a March rate cut yesterday (57%), aided by the weak housing approvals data, is currently one source of pressure on the currency. A revisit to Friday‟s low of 1.0256 looks likely at some point today, while we would also expect to see time spent back on a 1.03 handle”, writes the research team at NAB.

As of writing, the pair is down 0.06% at 1.0249 with the immediate support at 1.0236 (low Oct.23) followed by 1.0203 (low Oct.15).
On the flip side, a surpass of 1.0293 (hourly high/lows Feb.11) would bring 1.0349 (high Feb.8).

Asian equity markets face different stimuli Tuesday

With the Chinese markets still celebrating the New Year, the trading volumes were still quite limited across the Asian markets, however the same could not be said for Japan and South Korea. In Japan, the BoJ hinted of yet another round of monetary easing, while South Korean markets faced the ramifications of a North Korean nuclear test.
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