Aussie's Selloff Deepens as Copper Prices Plunge
Action Insight Mid-Day Report 7-22-24 |
Aussie's Selloff Deepens as Copper Prices Plunge |
Australian Dollar continues to lead the decline among commodity currencies today, with the selloff appearing to accelerate. Despite stabilization in risk sentiment in Europe where major indexes are trading positively, and US futures, particularly NASDAQ, pointing to a stronger open, overall sentiment remains vulnerable. This fragility is largely due to political uncertainty in the US following Joe Biden's withdrawal from the presidential election race. Additionally, several high-profile earnings reports are set to be released this week, which could further influence market dynamics. Contributing to Australian Dollar's woes is the continued decline in Copper prices. Copper just had its worst week since 2022, as the highly anticipated Plenum in China ended with significant disappointment among investors, offering no substantial plan to revive the beleaguered economy. Today's unexpected rate cut by the People's Bank of China serves as a stark reminder that economic troubles in the region persist... |
AUD/USD Mid-Day Report Daily Pivots: (S1) 0.6672; (P) 0.6693; (R1) 0.6707; More... AUD/USD's fall from 0.6798 accelerates lower today and intraday bias stays on the downside for 38.2% retracement of 0.6361 to 0.6798 at 0.6631. Strong support could be seen there to bring rebound, and break of 0.6714 resistance will turn bias back to the upside for retesting 0.6798. However, sustained break of 0.6631 will bring deeper fall to 61.8% retracement at 0.6528 instead. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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22:45 | NZD | Trade Balance (NZD) Jun | 699M | 294M | 204M | 54M | 01:15 | CNY | 1-Y Loan Prime Rate | 3.35% | 3.45% | 3.45% | 01:15 | CNY | 5-Y Loan Prime Rate | 3.85% | 3.95% | 3.95% |
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