Free Trial

Positive Close in AUD/SEK Would be First in 11 Sessions

  • AUD/USD crests at new daily highs headed into the NY crossover, with spot benefiting from the June jobs data overnight (both employment change and the unemployment rate beat expectations) as well as a very modest wave of USD sales over the past 20 minutes or so.
  • The AUD/USD bounce has put the pair north of the 50% retracement for the weakness off last week's high and could help prompt a bottoming-out pattern in AUD/SEK; a positive close today would be the first in 11 sessions after a solid sell-off in the cross through mid-July. The bounce in prices has rectified the oversold condition, putting the 100-dma at 7.0387 back into view as the next upside level.
  • AUD futures volumes remain ahead of average for this time of day, largely thanks to the surge in activity across the jobs release overnight. This contrasts with EUR, JPY and GBP futures - all of which see below average volumes headed into NY hours.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

To read the full story



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.