News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • AUD/USD sharply higher following last week's decline $AUDUSD https://t.co/cxrl9O6Jvi
  • The US Dollar has put in a very strong push since the Thursday lows – and for traders looking to fade that move, the long side of GBP/USD may be attractive. Get your $GBP market update from @JStanleyFX here:https://t.co/17J9kCb8ff https://t.co/N1zNhEWLHh
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.21% Gold: -0.71% Silver: -0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0ayjP8t3rP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.57%, while traders in GBP/JPY are at opposite extremes with 66.37%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7IShY2t1tw
  • Biden administration to use 'all available tools' to challenge unfair China trade practices, still conducting comprehensive review of trade policy with China - BBG $USDCNH
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 2.42% Wall Street: 2.17% FTSE 100: 0.26% Germany 30: 0.12% France 40: 0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/9PszirwcDh
  • $USDJPY is hitting fresh multi-month highs today as the pair continues to trade above the 106.50 level. The last time this pair traded at that level was in early August. $USD $JPY https://t.co/VP9GskwYOJ
  • $WTI Crude Oil is down over 4% off of today's highs, falling from an intraday high above 62.50 to currently trade right around 60.00, its lowest level since early last week. $USO $OIL https://t.co/XrE768A6sK
  • https://t.co/SBKsuxOE0j
  • 🇧🇷 Balance of Trade (FEB) Actual: $1.2B Expected: $0.9B Previous: $-1.125B https://www.dailyfx.com/economic-calendar#2021-03-01
Forex News: Aussie Marginally Higher on Consumer Confidence Report

Forex News: Aussie Marginally Higher on Consumer Confidence Report

Robin Leung,

The Takeaway: Australian Westpec Consumer Confidence Index rose 2.0% in March -> Domestic demand is key to offset the anticipated weakening export sector-> AUD/USD was marginally higher

The Australian Dollar was marginally higher against its counterparts after Australian Westpec Consumer Confidence index rose 2.0 percent to 110.5 in March, versus an increase of 7.7 percent in February. Although the rise of the sentiment index has slowed down, it still marks a third consecutive monthly increase of the index.

The uptrend of the index proves that rate cuts last year have boosted domestic demand and consumer confidence, yet the slower growth is consistent with the disappointing business confidence released yesterday. In fact, the Australian economic outlook is restrained by concerns over the world’s number-two economy, in which the recent fundamental releases from China all pointed towards a tightening monetary policy ahead. In February, the broadest measure of money supply (M2) retreated 0.7 percentage point and new yuan-denominated loan fell to 620 billion yuan. These conditions have fueled speculation that Chinese government may cap GDP growth in an effort to keep inflation under control, which stood at 3.2% in February. Therefore, given that the export sector is likely to hit a soft patch in the near term, the strength of domestic demand is key to the path of RBA easing policy.

Traders are expecting the RBA to hold interest rate steady on their next meeting on April 2.

The AUD/USD rose 7 pips after the report. At the time of writing, the Aussie dollar fetched US$1.03265, with resistance likely at 1.0338.

AUD/USD 1 Minute Chart

Forex_News_Aussie_Marginally_Higher_on_Consumer_Confidence_Report_body_wci.jpg, Forex News: Aussie Marginally Higher on Consumer Confidence Report

Chart Created by Robin Leung using Marketscope 2.0

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES