AUDUSD in Consolidation
AUDUSD is trading in a range between 0.7000-0.7400.
A more dovish RBA that hinted at possible rate cut turned sentiment into a more cautious stance toward AUD. However, a bottom might be in sight as US-China trade talk is moving to the right path.
January’s official data shows improvement in the economy, with trade balance, employment change and retail sales shed some light towards recovery for Q1 2019. Lower AUD valuation could help the bounce, after Q4 2018 GDP printed at over 2-year low. Higher gasoline price and China’s domestic market stimulus could mark the bottom of the slowdown cycle as market waits for US-China trade talk. Policymakers reiterated that main domestic uncertainty continued as RBA focuses on the outlook for household spending and the effect of falling housing prices in some cities.
A more dovish RBA that hinted at possible rate cut turned sentiment into a more cautious stance toward AUD. However, a bottom might be in sight as US-China trade talk is moving to the right path.
January’s official data shows improvement in the economy, with trade balance, employment change and retail sales shed some light towards recovery for Q1 2019. Lower AUD valuation could help the bounce, after Q4 2018 GDP printed at over 2-year low. Higher gasoline price and China’s domestic market stimulus could mark the bottom of the slowdown cycle as market waits for US-China trade talk. Policymakers reiterated that main domestic uncertainty continued as RBA focuses on the outlook for household spending and the effect of falling housing prices in some cities.
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