Forex: AUD Is Doing Well In The FX Market
October 19, 2009 by Forex Guide
Filed under Forex Brokers
With most of the major currency pairs moving sluggishly during the Asian Forex session, the only currency that did well at Forex Window is AUD.
This is because of the consumer spending report released yesterday indicating 1.7% rise in October further improving the consumer confidence in AUD.
USD trade weakened in yesterday’s New York session after the statement of Russian Finance Minister that he was expecting the continuation of the reserve diversification.
Further downturn in the currency was restricted for the reason the US equity market failed to rally and indicating the short-term risk aversion response giving time to the USD to recover its losses.
The equities dropped to -0.3% with bonds also trading at lows mystifying the risks in the trading.
Yesterday’s USD trade was the fourteen-months low with gold trading again at its peak. The consumers are seeking buyers for earning maximum profits from gold.
According to the morning briefs, the crude oil prices are still getting the good market support in spite of expectations of increase in the crude oil gains depending on the DOE crude oil inventory data to be release on tomorrow.
Today’s US Trading Events: FOMC meeting minutes and US September Retail Sales Data release are the awaited events of the day.
EUR/USD spot at 1.4845 traded with initial support of 1.4646 trailed by 1.4481 and initial resistance of 1.4908 trailed by 1.4980.
USD/JPY spot at 89.85 traded with initial support of 89.35 trailed by 88.01 and initial resistance of 91.63 trailed by 92.53.
GBP/USD spot at 1.5915 traded with initial support of 1.5450 trailed by 1.5296 and initial resistance of 1.6120 trailed by 1.6207.
AUD/USD spot at 0.9075 traded with initial support of 0.8985 trailed by 0.8866 and initial resistance of 0.9130 trailed by 0.9206.
OIL/USD spot at 74.72 traded with initial support of 72.15 trailed by 71.21 and initial resistance of 73.94 trailed by 74.79.
With these currency pair updates and USD trading reaction at the Forex Trading window, let’s wait for the upcoming data releases today and then analyze the impact of the trading indicators.
Resource box: The article puts forth information about the Forex trading figures and performance of the USD against major currencies
USD trade relaxed slightly on yesterday’s Forex trading because of the higher equity markets and favorable trading opportunities.
The Federal Reserve reports on unemployment probably heading 10 percent indicating that the recovery is quite slow and worries about the USD position in the trading platform.
These statements suggest that the interest rates will stay short for few more days. The data releases of US retail sales dropped down by -1.5% very less then what was expected -2.0%.
The FOMC meeting minutes released showed positive attitude regarding the overall trading activities and indicated that the trade is stabilizing. The jobless claims were gradually decreasing. DJIA was trading with higher points by 144.80 points and crossed the level of 10k whereas NASDAQ rallied at 32.4 points moved up with +1.51%. This supported the US stock trade to get good market response.
The current rate of USD is 0.18875 lower than the yesterday’s rate of around 0.19500.
GBP traded at 0.50500, EUR having rate about 0.27625, JPY trading low with current rate at 0.11750, AUD trading with current rate of 3.22000 better than yesterday’s rate of 3.18750 and CAD doing pretty well with current rate at 0.25000 good as compared to 0.23750.
These are the rates of the main currencies of Forex trading and further changes are possible in the rates.
GBP/USD trade – The pair is trading the twenty-day moving average at rate of 1.6016 with getting hold at the neutral rate of 1.5960.
This is very close to the previous day hikes in the rates that will increase the hurdles for the pair to trade at high rates
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