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1 Jul 2015
AUD/USD resuming downside on China HSBC Manufacturing PMI's
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7718 with high of 0.7728 and a low of 0.7688.
AUD/USD has had all the data released due for today and now eyes this week's Nonfarm Payrolls and further headlines from Greece as next major events for the major commodity currency this week.
AUD/USD price action
AUD/USD had been better bid in the Asian session with upbeat data releases in, firstly, the Chinese the non-manufacturing PMI that read as 53.8 vs a previous 53.2. This took the major up towards aforementioned highs that were then hit post the release of positive building approvals. However, the most recent data from China takes the pair lower to 0.7715 at time of writing.
AUD/USD fundamentally trapped between China and Greek headlines
The Aussie had been supported this week by China's interest rates and reserve requirements that were cut on the weekend as the PBoC seek to boost the local economy. Then, today's headlines in Greece brought about the possibility of a new proposal being considered by the Eurogroup before this weekend's referendum. But such hopes were diminished when Dijsselbloem hit the wires saying that there can only be a debate on further proposal after a referendum. All four major Greek banks have been downgraded by the S&P to 'Selective Default'.
Meanwhile, China manufacturing PMI for the month of June arrived at 50.2 vs the consensus of 50.3 and previous 50.2. The non-manufacturing PMI read as 53.8 vs a previous was 53.2 The Australia Building Permits (YoY) rose from previous 16.3% to 17.6% in May and finally, China HSBC Manufacturing PMI came in at 49.4, below expectations (49.6) in June.
AUD/USD is technically bearish below 0.7848
AUD/USD has been in a minor recovery, however, Karen Jones, chief analyst at Commerzbank explained, that the near term the market remains offered below the 0.7747 short term resistance line. "Only a close above the current June high at 0.7848 would cause us to reevaluate our bearish view and allow for a rally towards 0.7947, the 61.8% retracement, and again introduces scope for recovery towards the 200 day ma at 0.8091 (this is not favoured)."
AUD/USD has had all the data released due for today and now eyes this week's Nonfarm Payrolls and further headlines from Greece as next major events for the major commodity currency this week.
AUD/USD price action
AUD/USD had been better bid in the Asian session with upbeat data releases in, firstly, the Chinese the non-manufacturing PMI that read as 53.8 vs a previous 53.2. This took the major up towards aforementioned highs that were then hit post the release of positive building approvals. However, the most recent data from China takes the pair lower to 0.7715 at time of writing.
AUD/USD fundamentally trapped between China and Greek headlines
The Aussie had been supported this week by China's interest rates and reserve requirements that were cut on the weekend as the PBoC seek to boost the local economy. Then, today's headlines in Greece brought about the possibility of a new proposal being considered by the Eurogroup before this weekend's referendum. But such hopes were diminished when Dijsselbloem hit the wires saying that there can only be a debate on further proposal after a referendum. All four major Greek banks have been downgraded by the S&P to 'Selective Default'.
Meanwhile, China manufacturing PMI for the month of June arrived at 50.2 vs the consensus of 50.3 and previous 50.2. The non-manufacturing PMI read as 53.8 vs a previous was 53.2 The Australia Building Permits (YoY) rose from previous 16.3% to 17.6% in May and finally, China HSBC Manufacturing PMI came in at 49.4, below expectations (49.6) in June.
AUD/USD is technically bearish below 0.7848
AUD/USD has been in a minor recovery, however, Karen Jones, chief analyst at Commerzbank explained, that the near term the market remains offered below the 0.7747 short term resistance line. "Only a close above the current June high at 0.7848 would cause us to reevaluate our bearish view and allow for a rally towards 0.7947, the 61.8% retracement, and again introduces scope for recovery towards the 200 day ma at 0.8091 (this is not favoured)."