empty
 
 
07.11.2017 02:18 PM
Global macro overview for 07/11/2017

The Australian Dollar found temporary support in the RBA announcement that no major changes in inflation and growth forecasts were made. Especially the latter was reassuring in the face of recent disappointing CPI data. But the bank maintained optimism about growth with signs of slowing consumption (a drop in retail sales of 0.6% since August) and low wage pressure. In the statement, RBA Governor Phillip Lowe said: "Conditions in the global economy are continuing to improve. Labour markets have tightened and further above-trend growth is expected in a number of advanced economies, although uncertainties remain. The Bank's forecasts for growth in the Australian economy are largely unchanged. The central forecast is for GDP growth to pick up and to average around 3.0% over the next few years. Business conditions are positive and capacity utilization has increased".

In conclusion, there was nothing new in the RBA statemnet as many of the remarks were reiterated. Nevertheless, despite a lack of a hike this time, tougher lending conditions have arguably had a similar effect as a lift in the cash rate, except the effect is more focused on slowing investment activity across the housing sector. Moreover, house price data for October showed Sydney home values continued to a slide in October, with the nation's biggest housing market recording its first quarterly fall in prices since May 2016.

Let's now take a look at the AUD/USD technical picture at the H4 time frame after the news was released. The market tried to rally higher after the data, but it was capped at the level of 0.7700. Only a good attitude of copper and iron ore (under the influence of oil rally) inhibits the decline of AUD, but the macro background supports the view of continuation of the downtrend. The next immediate support is seen at the level of 0.7625.

This image is no longer relevant

Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN
  • Chancy Deposit
    Deposit akaun anda sebanyak $3,000 dan dapatkan $8000 lebih lagi!
    Dalam Mac kami membuat cabutan bertuah $8000 dalam Kempen Chancy Deposit!
    Dapatkan peluang untuk menang dengan membuat deposit $ 3000 ke dalam akaun dagangan. Setelah memenuhi syarat ini, anda menjadi peserta kempen.
    SERTAI PERADUAN
  • Trade Wise, Win Device
    Daftar untuk peraduan dan tambah dana akaun anda dengan sekurang-kurangnya AS$ 500 untuk layak memenangi peranti mudah alih.
    SERTAI PERADUAN
  • Bonus 100%
    Peluang istimewa anda untuk menerima bonus 100% pada deposit anda
    DAPATKAN BONUS
  • Bonus 55%
    Dapatkan bonus 55% pada setiap deposit anda
    DAPATKAN BONUS
  • Bonus 30%
    Dapatkan bonus 30% setiap kali anda membuat penambahan dana akaun anda
    DAPATKAN BONUS

Artikel yang dicadangkan

Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula Widget