Australian Dollar Hits 2 Year High on Hawkish RBA, Iron Ore Demand

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  • #10346
    KnovaWave
    Participant

    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]

    #10348
    Assistanc3
    Participant

    commodity currencies to high
    will add to PPI but not CPI

    #10354
    TradersCom
    Keymaster

    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)

    #10381
    ThePitBoss
    Participant

    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

    #10398
    TradersCom
    Keymaster

    New High at .7987 in the Aussie …

    #10620
    Helmholtz Watson
    Participant

    [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 !

    #13456
    ThePitBoss
    Participant

    Rio Tinto PLC $RIO was downgraded to Neutral from Overweight at JPMorgan.

    Its American depositary shares closed up 0.8% at $49.51 on Friday – 52-week range is $36.25 to $50.77. The Australian Dollar has sold off to 76.24 from the 80 cent highs

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