17th August 2020 - AUD/USD carries Friday’s gains below 0.7200 amid mixed clues


Good Morning,

Market Headlines

Additional delays in the stimulus negotiations in the U.S weighed on equity markets on Friday with minor declines seen in the NASDAQ and the S&P 500. Commodities, Crude -0.1%, Copper -2.7%, Wheat +0.6%, Sugar -0.1%, Iron ore +0.8%, Gold $1945.

Currencies

AUD/USD: 0.7137 – 0.7175

EUR/USD: 1.1782 – 1.1850

GBP/USD: 1.3052 – 1.3143

USD/JPY: 106.44 – 106.84

USD/CAD: 1.3226 – 1.3271

NZD/USD: 0.6529 – 0.6559

AUD/JPY: 76.12 – 76.50

AUD/NZD: 1.0929 – 1.0963

AUD Thoughts

- AUD/USD keeps the late-Friday range between 0.7160 and 0.7180.

- Virus woes in Australia, US-China trade tussle joins recently downbeat China data to weigh on the Aussie.

- No major data from Australia, the US highlights news/headlines as a market driver.

Looking forward, the economic calendar in Australia is mostly quiet and there are no major releases from the US, except for Empire State Manufacturing Index, expected 16.5 versus 17.2 prior. As a result, markets will have to watch risk catalysts closely in any clear direction.

While 0.7200 restricts the pair’s immediate upside, a 21-day SMA level of 0.7150 becomes the near-term key support to watch.

Event Risk Data Today

JP – Q2 GDP

JP – June Industrial Production

US – August Empire Manufacturing

US – August NAHB Housing Market Index

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