Free Trial

AUD Steady After Gold-Driven Swings

AUSSIE

AUD/USD moved in sync with spot gold on Tuesday. The rate took a hit as the
yellow metal retreated from record highs, hitting intraday lows in the London
morning. It recovered in tandem with gold later in the day, managing to eke out
some gains at the end of the day.

  • Senior Australian and U.S. officials held talks on joint defence
    initiatives, signalling willingness to tighten cooperation, in their
    latest pushback against China's expansion in South Pacific.
  • AUD/USD trades at $0.7160, marginally above neutral levels. Bulls need to take
    out Jul 22 high of $0.7182 before targeting Apr 18, 2019 high of $0.7199.
    Bears need a fall through Jul 24 low/Jun 10 high of $0.7064/63 to bring Jul 21
    low of $0.7010 into view.
  • Local Q2 CPI data headlines in Australia today, with building approvals
    coming up on Thursday and PPI due Friday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.