MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Global macro overview for 03/07/2015, AUD/USD extends its drop

Global macro overview for 03/07/2015 - AUDUSD extends drop

After May retail sales data release published last night (-0.1% m/m; 4.1% y/y expected vs. 0.3% m/m; 4.7% y/y reading), the aussie was pushed lower towards the level of 0.7500, the lowest level in 6 years. It was the third day when the currency has been moving downwards and the fuel to the fire was added by even more disappointing iron ore prices drop as well. As AUD is a commodity currency that is very susceptible for iron ore prices, the negative trend looks to be sustained for some more time. Today's market volume is expected to be muted, due to Independence Day in the US, so market sentiment will be mostly driven by next week RBA meeting (cash rate decision is due on Tuesday and labor data is due on Thursday).

Current AUD/USD situation: The decline towards the level of 0.7500 is in progress and if this level is violated, next weekly technical support is seen at the level of 0.7266.

audusd.jpg

The material has been provided by InstaForex Company - www.instaforex.com