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. See our updated Privacy Policy here.

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
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/U40lgEA8K7
  • New Zealand Dollar Vulnerable as NZD/USD Eyes Falling Wedge - #NZDUSD chart https://t.co/9AGaZsMFmF
  • (Gold Briefing) Gold Price Outlook Turns to UofM Sentiment as US Dollar, Treasury Yields Rally #Gold #XAUUSD #USD #Bonds https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/17/Gold-Price-Outlook-Turns-to-UofM-Sentiment-as-US-Dollar-Treasury-Yields-Rally.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/p7VdFesUb1
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/XPtqedJjyk
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:https://t.co/XrpV0jcy8e https://t.co/m6XH4n43UQ
  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out: https://t.co/8LmgqLLGJO https://t.co/yy64N01p2b
  • PBOC injects net 90 billion Yuan in open market operations - Yuan reference rate set at 6.4526 per USD - BBG
  • Australia to trial home quarantine for arrivals who are vaccinated - BBG
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/moWS7rqAQG
  • RT @FxWestwater: New Zealand Dollar Outlook: $NZDUSD Drops on US Dollar Bids, Wall Street Losses Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/16/New-Zealand-Dollar-Outlook-NZDUSD-Drops-on-US-Dollar-Bids-Wall-Street-Losses.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.c…
Aussie Dollar Reslient as Consumer Confidence Wilts

Aussie Dollar Reslient as Consumer Confidence Wilts

David Cottle, Analyst

Talking Points

  • Australian consumers are heading into the holiday season in less-than-festive mood
  • The Westpac indicator for December registered a big fall
  • But the Fed-watching Aussie Dollar didn’t move much

The Australian Dollar was steady on Wednesday despite yet another piece of soft economic data out of its home country.

The closely watched consumer confidence index from local banking major Westpac came in at 97.3 for December, a fall of 3.9%. November’s had been 101.3, a fall of 1.1%. This news comes hard on the heels of a woeful official growth print for the year’s third quarter and will do nothing to raise hopes that the fourth quarter stands to show much improvement.

The data will also be chilling for retailers as they show consumers in grim mood as the crucial holiday sales period looms. 97.3 is the lowest print for this index since April, and makes October’s 102.4 look like something of a peak.

However, with Australian markets currently as fixated on the US Federal Reserve as all the rest, the data didn’t cause the Australian Dollar much of an immediate problem. Similarly gloomy results on analogous sentiment surveys may have also dulled the impact of this particular release. AUD/USD actually ticked higher in the aftermath, but the cross remains pinned under the 0.75 handle.

The confidence data won’t dent the thesis that more Australian interest rate cuts could be coming, but the Reserve Bank of Australia may decide to let the Fed do some of that lifting for it. After all, the higher US rates widely seen as coming this week will burnish the US Dollar’s comparative charms.

Unfazed by yet more patchy data: AUD/USD

Aussie Dollar Reslient as Consumer Confidence Wilts

Chart compiled using TradingView

Get Daily FX analysts’ views and learn more about trading. Here are our webinars.

--- Written by David Cottle, DailyFX Research

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

DISCLOSURES