Open today 0.6437
Yesterday’s Range 0.6417 / 0.6453
Open today 0.5917
Yesterday’s Range 0.5894 / 0.5921
Yesterday’s Range 0.6019 / 0.6053
Yesterday’s Range 4.6795 / 4.7011
Yesterday’s Range 1.0876 / 1.0929
Yesterday’s Range 0.5186 / 0.5210
The AUDUSD has traded sideways over the last 24hrs ahead of the RBA Minutes of the latest meeting , where reaction is expected to be limited on the trading pair. The RBA is expected to retain its slightly hawkish stance, however their actions will remain data dependent. Michele Bullock takes over as RBA Chair as of yesterday and has held the ‘company line’ in her initial remarks. Also in the macro pipeline, is the FOMC meeting tomorrow, where it is widely expected that they will not raise rates, but analysts will be combing through the statements for any hint of a ‘dot plot’ for further meetings. The Aussie’s trading pattern is likely to remain rangebound ahead of the local central bank minutes and the US Fed meeting, with day traders looking to sell the fade into 0.6470/80 resistance , while support emerges at 0.6400/15 for today.
Wall Street closed steady on Monday, as investors tread water ahead of the US Fed meeting on Wednesday, where they are widely expected to leave rates on hold, but they will be looking for any hint of how long they will be expecting to keep rates elevated in the coming months. The DJI was up just +0.02%, while the S&P500 was up +0.07% and the Nasdaq near flat at +0.01% for the session. The Australian share market is expected to open lower today, weighed down by the mining sector which will be responding to the underlying commodity prices and with investor sentiment deflated ahead of the RBA meeting minutes for September.
Gold prices eked out small gains against an easing US-dollar for the day, as investors await the next round of rate decisions from the central banks of US, UK and Japan.
Copper prices traded softer in the opening session for the week, weighed down by renewed concerns over China demand and higher inventory levels at exchange warehouses. Dalian Iron Ore prices softened on negative news surrounding China’s property sector.
Brent Crude Oil prices extended gains on the day, as expectations of tighter supply continue to influence the market with output cuts from Saudi and Russia.
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