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Better than expected updates kept the Aussie on top last week. Will this week’s catalysts extend the comdoll’s bullish vibes?
Check out the list I have for ya!
Labor market numbers (Aug 13, 1:30 am GMT)
- The economy added a net 210.8K jobs but jobless rate ticked up from 7.1% to 7.4% in June
- The better-than-expected numbers were overshadowed by concerns over rising coronavirus cases in Australia
- Analysts see the unemployment rate dropping further to 7.7%
- We could see another 110,000 net job additions in July
- Participation rate to edge higher from 64.0% to 64.3%?
China’s top-tier releases (Aug 14, 2:00 am GMT)
- China is one of Australia’s largest trading partners (if not THE largest) so its economic releases tend to affect AUD’s price action
- Retail sales could improve from -1.8% to 1.5% in July
- Industrial production to tick higher from 4.8% to 6.2%?
- Fixed asset investment seen at -1.2% after 3.1% slip in June
- Unemployment rate seen steadying at 5.7%
Overall risk appetite
- Watch out for the number of cases in Australia, which can overshadow economic releases throughout the week
- Coronavirus updates around the world (number of cases, vaccine, stimulus, lockdown, the trajectory of economic recovery) will continue to influence AUD’s intraweek trends
Technical snapshot
- RSI considers AUD as “overbought” against NZD on the daily time frame
- AUD remains in neutral zone against CHF, GBP, and EUR
- AUD remains bullish against its fellow comdolls
- Watch out AUD seeing bearish momentum against CHF, GBP, and EUR
- The Aussie is trading below the 5 SMA against the dollar and yen
- AUD was most volatile against the safe havens and the pound in the last seven days
Missed last week’s price action? Read AUD’s price recap for August 3 – 7!