MINISTRY: arep.co/Xg0qS

Having broken key supports earlier in the week the AUD broke fresh lows touching 0.7044 before edging marginally higher into the close and opens this morning buying just .07051 US cents.

AUD downward trajectory continues as multi year lows tested below 0.71 despite broader USD weakness #ausbiz

From a technical perspective, the AUD/USD pair is currently trading at 0.7206. We continue to expect support to hold on moves approaching 0.7190 while now any upward push will likely meet resistance around 0.7225.

We also saw the release of soft Chinese industrial profits data during the session. While profits grew 9.2% from a year earlier in August, that was well below the 16.2% level seen in the 12 months to July. There are no scheduled release today for Australia.

AUD falls on U.S. Federal Reserve’s outlook hitting a 24-hour low of 0.7204 after failing once again to sustain gains beyond the 0.7300 figure.

There is no local data due today, however all eyes on the US Federal Reserve tonight.

With US Consumer Confidence rising in September recording its highest level in nearly 18 years & beating expectations of a decline shows that consumers assessment of current conditions are positive which is bolstered by a strong economy and robust job growth in the US.

In what was a quiet day of trade for markets yesterday, the AUD slipped against the USD from 0.7262 to briefly touch lows of 0.7236 before rebounding into this mornings open where the local currency is currently buying 0.7247 US cents.

The local economic calendar is light today, in fact we have nothing due until Friday so its likely the Aussie will be driven largely by US action, and with the Fed set to deliver another interest rate rise this week the Aussie could test the low 72’s

Australian dollar drops amid risk-averse mood opening yesterday morning gaping lower against the Greenback at 0.7260 after having a stellar run the week prior.

High Impact Data this week #Forex #MarketUpdate #AusBiz #UKFX #USFX #EuroFX #EconomicCalendar

Looking ahead, it’s a quiet week locally for macro-economic releases and therefore the Aussie will take directions from offshore events including further trade developments.

There was no local economic data releases however Standard and Poors upgraded its outlook in Australia AAA credit rating to “stable” from negative on Friday, providing the Aussie with a further lift.

Aussie sees its biggest weekly gain in 14-months, defying all odds the pair would tumble in an environment of escalating trade war tensions between the United States and China

The Aussie was also helped along by the release of an internal RBA report, outlining that the AUD Trade-weighted Index (TWI) could rise in a widespread trade war as Australia may prove to be more resilient to changing global trade flows.

USD softened across the board after the trade tariffs were announced, supporting the Aussie in its recovery

AUD climbs due to softening USD. Continued its good run into Thursday, forcing its way slightly higher against its US counterpart to open this morning at 0.7260.

Moving into Tuesday, the Australian Dollar continues to keep a close eye on the US-China trade war while also looking forward to the Reserve Bank of Australia announcement today.

AUD ground its way upwards in overnight trading, moving towards the key 0.72 level. It ultimately failed to launch however and was whittled lower to open this morning at 0.7180.