This could be “a make or break week” for the Australian dollar with three major factors – the Federal Open Market Committee (FOMC) minutes, Chinese and Australian economic data – set to determine whether the embattled currency will break below the key $0.90 level or reverse its downtrend.
The Aussie, which has depreciated 12.5 percent against the U.S. dollar over the past three months, has been hit by a slew of concerns including falling commodity prices, a slowdown in Australia’s top trading partner China and the prospect of the U.S. Federal Reserve scaling back its extraordinary monetary support. The currency is now at its lowest level against the greenback in two and a half years.
via CNBC
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019