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The Australian dollar continued its upward trajectory against the U.S. dollar since it broke and tested .7500 back in June. It broke the 2016 high of 0.7835 to trade up to o.7943 earlier. Why? and where to? [article]36[/article]
Westpac Leading Index: -0.14% m/m (prior -0.01% revised to -0.01% from -0.02%)
The six month annualized growth rate fell from 0.51% in May to -0.76% in June. AUD continues near its highs for the Sysney session at .7930 up 14 pips from NY
Westpac highlights: comments:
-The index is pointing to a slowdown in momentum in Australia’s growth profile
– This is the first below trend reading since July 2016
– The deterioration mainly reflects international factors including a sharp turnaround in Australia’s commodity prices in Australian dollar terms
– While we have seen a solid recovery in iron ore prices since mid-June in USD terms, the sharp increase in the Australian dollar from USD 0.755 to USD 0.79 will partly offset that adjustment. (interesting on our BHP ironore story earlier)Enjoyed the piece especially the traders mindset and flow on with vol etc – may miss that and the key is being ahead of the pack – new highs again today .7957
[quote=”TradersCom” post=116]New High at .7987 in the Aussie …[/quote]
Over .80 cents now – thank you for great insight on this post KnovaWave !
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