oanda_logo
  • Sign in
  • Open an account

Sign in

Select account:

  • Currency converter
    • Converter
    • Tools
    • Mobile
    • Live rates
    • Historical rates
    • Embed converter
    • Help
  • FX Data Services
    • FX Data Services overview
    • Exchange Rates API
    • Corporate FX transfers
    • Historical currency converter
    • Contact us
    • Blog
  • OANDA Group
    • About OANDA
    • Media centre
    • Careers
Logotype
The Beat of the Global Markets
  • Home
  • News Events
    • Brexit
    • COVID-19
    • Earnings season
    • Non-farm payrolls
    • Trade war
    • US election
  • Markets
    • FX
    • Indices
    • Commodities
    • Crypto
  • Multimedia
    • Podcasts
    • Videos
  • Economic calendar
  • Analysts
Home/FX/Newsfeed

AUD/USD – Aussie Remains Weak After RBA Minutes

December 17, 2013 Share Print 0

AUD/USD continues to struggle, as the pair trades in the low-0.89 range in Tuesday trading. These are the lowest levels we’ve seen for the Aussie since late August. The currency got no help from the RBA minutes, which stated that the RBA was maintaining the option to reduce interest rates. In other economic news, it was a good day for Australian releases, as the CB Leading Index and New Motor Vehicle Sales both climbed higher in November. Later on, RBA Governor Glenn Steven will testify before a parliamentary committee. In the US, today’s highlight is Core CPI.

The RBA minutes were released on Tuesday, and there wasn’t much good news as far as the Aussie was concerned. The Bank stated that a lower value for the currency would likely be required to “achieve balanced growth”. The RBA continues to try and “talk down” the Australian dollar, which has now shed about 12% of its value in 2013. The minutes noted that the RBA was maintaining interest rates but did not want to close off the possibility of a reduction if this could boost growth. Meanwhile, Australian releases looked solid, with the CB Leading Index gaining 0.5% and New Motor Vehicles climbing 1.8%, a five-month high. However, the positive news was not enough to prop up the struggling Australian dollar.

The markets are keeping a close watch on the US Federal Reserve, which meets for a two-day policy meeting starting on Tuesday. The million dollar question is whether the Fed will taper QE. Although there’s a stronger likelihood that the Fed will wait until after the new year, Bernard Bernanke’s swan song could surprise the markets if the Fed does take QE action this week. Currently, the Fed is purchasing $85 billion in assets every month, and a Fed taper will likely boost the US dollar against the major currencies.

There was some good news out of the US on the fiscal front, as the House of Representatives easily passed a budget deal on Thursday. The agreement, which will be voted on by the Senate this week, will remove the risk of a government shutdown and reduces the deficit by a modest $23 billion. Democrats and Republicans both had criticism of the proposal, but there is general agreement in Washington that the compromise reached is a positive step which removes some of the fiscal uncertainty we’ve seen in recent months.

 

AUD/USD for Tuesday, December 17, 2013

Forex Rate Graph 21/1/13

AUD/USD December 17 at 13:30 GMT

AUD/USD 0.8922 H: 0.8958 L: 0.8914

 

AUD/USD Technical

S3 S2 S1 R1 R2 R3
0.8658 0.8735 0.8893 0.9000 0.9119 0.9229

 

  • AUD/USD is steady in Tuesday trading. The pair has been losing ground since late in the Asian session.
  • The key level of 0.9000 continues to provide resistance. This is followed by a resistance line at 0.9119.
  • On the downside, 0.8893 is providing support. This is followed by support at 0.8735, which has remained intact since July 2010.
  • Current range: 0.8893 to 0.9000

 

Further levels in both directions:

  • Below: 0.8893, 0.8735, 0.8658 and 0.8505
  • Above: 0.9000, 0.9119, 0.9229, 0.9305 and 0.9400

 

OANDA’s Open Positions Ratio

AUD/USD ratio is unchanged in Tuesday trading. This is reflected in the current movement of the pair, which is showing very little activity. The ratio is made up of a substantial majority of long positions, reflecting a trader bias towards the Australian dollar moving higher.

The Australian dollar is trading quietly in the low-0.89 range on Tuesday. With the US releasing key inflation numbers later in the day, we could see some movement from the pair during the North American session.

 

AUD/USD Fundamentals

  • 00:30 RBA Monetary Policy Meeting Minutes.
  • 00:30 Australian New Motor Vehicle Sales. Actual 1.8%.
  • 1:30 Australian Mid-Year Economic and Fiscal Outlook.
  • 13:30 US Core CPI. Estimate 0.1%.
  • 13:30 US CPI. Estimate 0.1%.
  • 13:30 US Current Account. Estimate -101B.
  • 15:00 US NAHB Housing Market Index. Estimate 55 points.
  • 22:30 RBA Governor Glenn Stevens Speaks.

 

*Key releases are highlighted in bold

*All release times are GMT

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

  • Bio
  • Google+
  • Latest Posts
Kenny Fisher

Kenny Fisher

Market Analyst at OANDA
A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including Investing.com, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.
Kenny Fisher

+Kenny Fisher

Kenny Fisher

Latest posts by Kenny Fisher (see all)

  • Euro slides to 14-week low - 03/05/2021
  • CDN dips, Nonfarm Payrolls next - 03/05/2021
  • Brent crude soars as OPEC surprises - 03/05/2021
aud, AUD/USD Technical Analysis, Australian Mid-Year Economic and Fiscal Outlook, Australian New Motor Vehicle Sales, FX, RBA Governor Glenn Stevens, RBA Monetary Policy Meeting Minutes, US Core CPI, US CPI, US Current Account, US NAHB Housing Market Index, usd
Back to Top
Subscribe
Subscribe form
Week ahead
Week Ahead: Dollar rally continues as US yields rise
Posted by Ed Moya Posted 3 hours ago
FX
Week Ahead: Dollar rally continues as US yields rise
Posted by Ed Moya Posted 3 hours ago
US Open – Yields initially spike on big NFP beat, Dollar r...
Posted by Ed Moya Posted 7 hours ago
Euro slides to 14-week low
Posted by Kenny Fisher Posted 10 hours ago
Indices
Week Ahead: Dollar rally continues as US yields rise
Posted by Ed Moya Posted 3 hours ago
US Open – Yields initially spike on big NFP beat, Dollar r...
Posted by Ed Moya Posted 7 hours ago
Asian equities follow Wall Street south
Posted by Jeffrey Halley Mar 5, 2021
Commodities
Week Ahead: Dollar rally continues as US yields rise
Posted by Ed Moya Posted 3 hours ago
Market Insights Podcast (Episode 172)
Posted by Ed Moya Posted 4 hours ago
Commodities and Cryptos: Gold steadies, Oil bullishness, Bit...
Posted by Ed Moya Posted 7 hours ago
Crypto
Week Ahead: Dollar rally continues as US yields rise
Posted by Ed Moya Posted 3 hours ago
Commodities and Cryptos: Gold steadies, Oil bullishness, Bit...
Posted by Ed Moya Posted 7 hours ago
US Close: Powell Disappoints, Nasdaq corrects, King Dollar, ...
Posted by Ed Moya Mar 4, 2021
Follow us
  • RSS
  • Facebook
  • Twitter
  • Google

Logotype

MarketPulse provides up-to-the-minute analysis on forex, commodities and indices from around the world.

  • OANDA Group
  • FX Data Services
  • Currency conversion
  • News events
  • Markets
  • Economic calendar
  • About MarketPulse
  • Terms of use
  • Site map
MarketPulse is an award-winning news site that delivers round-the-clock commentary on a wide range of asset classes, as well as in-depth insights into the major economic trends and events that impact the markets. The content produced on this site is for general information purposes only and should not be construed to be advice, invitation, inducement, offer, recommendation or solicitation for investment or disinvestment in any financial instrument. Opinions expressed herein are those of the authors and not necessarily those of OANDA or any of its affiliates, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, please access the RSS feed or contact us at info@marketpulse.com © 2020 OANDA Business Information & Services Inc.