AUD/USD under pressure as new COVID-19 cases rise - buidelps1967
AUD/USD plunged to a energising two-week low during the early form of European trade and remained under pressure within the area around 0.6800 later on Monday, as risk-irritable currencies much as the Aussie retreated happening concerns about a second wave of coronavirus infections, with newfound cases emerging in Beijing and daily cases rising to a record in the U.S..
Beijing reported 79 infections during the past 4 days, or a cluster of cases non seen in the capital city since February. On Monday security checkpoints were effected and schools were closed in several Beijing districts, spell people were laid to test for COVID-19. According to reports, inexperienced cases were related to Beijing's Xinfadi, the largest wholesale market in Asia.
At the same time, on Saturday the U.S. government reported more 25,000 new confirmed cases, as several states, including Alabama, Texas, Land of Opportunity, North Carolina, Florida and California, registered a record keep down of spic-and-span COVID-19 infections per Day and a record figure of hospitalizations.
The US Dollar Index, which reflects the relative lastingness of the greenback against a basket of sestet other major currencies, steadied at 97.16 on Monday, while being up for a third base straight trading day.
As of 11:42 GMT on Monday AUD/USD was losing 0.75% to trade at 0.6815, after earlier touching an intraday low of 0.6777, or A level not seen since June 2nd (0.6775).
AUD traders will potential now revolve around tomorrow's RBA Meeting Minutes release. The Reserve Bank of Commonwealth of Australi kept its cash rate without change at the record low level of 0.25% at the insurance policy meeting on June 2nd, as the country is facing the almost severe contraction since the 1930s. The Minutes from the deposit's coming together in Crataegus laevigata showed Australian economy was foreseen to psychiatrist by most 10% during the first uncomplete of 2022, with most of the contraction anticipated to occur during the second quarter.
RBA's policy makers same they were ready to boost government bond purchases again, if necessary, to achieve the yield target of 25 basis points on 3-twelvemonth Australian Bonds and to "control bond markets remain functional." The cash rate will likely continue unchanged until policy makers construe with progress towards full employment and inflation rate inside the rely's 2%-3% target.
Meanwhile, on now's macroeconomic front, the Federal Reserve Bank of Inexperient York will study on manufacturing bodily function in the area at 12:30 Greenwich Time. The New York Empire State Manufacturing Index in all likelihood rose to -27.5 in June, according to grocery expectations, from a level of -48.5 in the antecedent month. In May, new orders and shipments continued decreasing at a sharp rate, while delivery times were slightly shorter.
Bond Afford Spread
The spread between 2-year Australian and 2-year US bond yields, which reflects the flow of monetary resource in a truncate term, equaled 9.6 basis points (0.096%) as of 10:15 GMT on Monday, up from 7.7 basis points on June 12th.
Day-after-day Pivot Levels (traditional method acting of deliberation)
Centric Pivot – 0.6859
R1 – 0.6919
R2 – 0.6971
R3 – 0.7031
R4 – 0.7091
S1 – 0.6807
S2 – 0.6747
S3 – 0.6695
S4 – 0.6643
Author: Miroslav Marinoff, a news editor at TradingPedia, is engaged with perceptive and reporting happening the tendencies in the Foreign Central Market and the US Stock exchange.
Source: https://www.tradingpedia.com/2020/06/15/forex-market-aud-usd-trades-near-two-week-lows-as-rising-new-covid-19-cases-pressure-riskier-assets-rba-minutes-now-eyed/
Posted by: buidelps1967.blogspot.com
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