Everest Fortune Group | Daily Analysis: 17 June 2019
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Daily Analysis: 17 June 2019

Daily Analysis: 17 June 2019

AUD

Fundamental Analysis

(17 June): The AUD dropped sharply last week as the economy created some 42.3 thousand jobs in May which was not enough to bolster the wobbly Aussie. Investors were unhappy with the unemployment rate, which remained at 5.2% vs 5.2%. Soft Chinese data also weighed on the currency. Chinese industrial output was unexpectedly soft, dropping to its lowest level since 2002.

Australian consumers were in a sour mood in June, according to Westpac Consumer Confidence indicator. Tomorrow, RBA monetary policy minutes will be released and it could provide details of the RBA meeting in June, when policymakers cut rates from 1.5% to 1.25%. This marked the first rate cut in almost three years, and a dovish tone to the minutes could send the Aussie lower.

 

Technical Analysis

NZD

Fundamental Analysis

(17 June): The AUD dropped sharply last week as the economy created some 42.3 thousand jobs in May which was not enough to bolster the wobbly Aussie. Investors were unhappy with the unemployment rate, which remained at 5.2% vs 5.2%. Soft Chinese data also weighed on the currency. Chinese industrial output was unexpectedly soft, dropping to its lowest level since 2002.

Australian consumers were in a sour mood in June, according to Westpac Consumer Confidence indicator. Tomorrow, RBA monetary policy minutes will be released and it could provide details of the RBA meeting in June, when policymakers cut rates from 1.5% to 1.25%. This marked the first rate cut in almost three years, and a dovish tone to the minutes could send the Aussie lower.

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