11 Jul 2013
AUD/USD upside capped at 0.9300
FXstreet.com (Edinburgh) -The Aussie dollar revived after Bernanke struck markets with a dovish speech on Wednesday night, badly hurting the greenback and thus boosting the risk-associated assets.
AUD/USD bolstered by Bernanke, data
In the domestic data front, the jobless rate in Australia ticked higher to 5.7% in June, surpassing the median and May’s print while the Employment Changed crushed expectations rising by 10.3K. Robert Henderson, Strategist at NAB, commented, “The RBA has been expecting the unemployment rate to rise so today’s outcome might be seen as adding little to the case for more monetary stimulus. However, over the past four months the rate of increase in the unemployment rate has started to rise. This is troubling. On balance, this report adds to the case for a rate cut in August”.
AUD/USD key levels
As of writing, the pair is up 1.10% at 0.9274 facing the next hurdle at 0.9328 (mid June low) ahead of 0.9388 (low 2011) and then 0.9528 (May low). On the downside, a break below 0.9148 (low Jun.24) would expose 0.9038 (low Jul.3) and finally 0.9000 (psychological level).
AUD/USD bolstered by Bernanke, data
In the domestic data front, the jobless rate in Australia ticked higher to 5.7% in June, surpassing the median and May’s print while the Employment Changed crushed expectations rising by 10.3K. Robert Henderson, Strategist at NAB, commented, “The RBA has been expecting the unemployment rate to rise so today’s outcome might be seen as adding little to the case for more monetary stimulus. However, over the past four months the rate of increase in the unemployment rate has started to rise. This is troubling. On balance, this report adds to the case for a rate cut in August”.
AUD/USD key levels
As of writing, the pair is up 1.10% at 0.9274 facing the next hurdle at 0.9328 (mid June low) ahead of 0.9388 (low 2011) and then 0.9528 (May low). On the downside, a break below 0.9148 (low Jun.24) would expose 0.9038 (low Jul.3) and finally 0.9000 (psychological level).