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Aug 28 - 11:55 PM

AUD/USD - Consolidates Below 0.6800, Focus Turns To US Data

By Krishna K  —  Aug 28 - 11:25 PM
  • AUD/USD up 0.1% in Asia but fails to gain foothold above 0.6800

  • Capped by risk aversion as Wall Street futures slide on Nvidia's forecast

  • Nvidia's forecast dampens AI enthusiasm in other tech stocks

  • Australia Q2 business investment slides 2.2%, could be a drag on Q2 GDP Wed

  • AUD/NZD sales weigh on Aussie as New Zealand business confidence soars

  • AUD downside limited as RBA-Fed rate expectations continue to diverge

  • 102 bps of Fed rate cuts priced in by Dec 2024 but just 21 bps of RBA cuts

  • U.S. Q2 GDP 2nd estimate Thu and core PCE price index Fri key for direction

  • Resistance 0.6819, 61.8% of 0.7158-0.6271 drop in 2023 & 0.68385, 2024 high

  • Support 0.6760-65, 0.6730-35; Asia range 0.68035-0.6781

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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