State of the market: the Australian and New Zealand dollars are under pressure

With the opening of trading on Thursday, the focus of the market is on Australian data. So, at the start of the day very optimistic employment data in Australia came out, which increased the demand for the Australian dollar. The reason for the strengthening of the Australian dollar at the beginning of the day was an employment change in Australia, which rose to highs in the last five months. This forced the AUD/USD pair to update the annual high at 0.7200.

But the message that Chinese customs in Dalian banned imports of Australian coal for an indefinite period caused a collapse of the Australian and New Zealand dollars. Thus, China introduced quotas for Australian coal in the amount of 12 million tons per year. As a result, the Aussie and New Zealander updated monthly lows against the US dollar.

The American currency at the trading on Thursday shows a restrained growth, which was also caused by the publication of the FOMC protocol. The published protocol, despite the expectations of soft rhetoric, turned out to be quite restrained, while maintaining positive expectations on inflation and the US employment market, which indicates at least one rate hike this year.

The index of the US dollar has been trading with a strengthening on a rebound from support 96.50 from the start of the day. It was caused by the correction of the American dollar after the decline. The downward trend in the dollar remains and is limited by resistance levels: 96.70 and 96.90.

Read also: “Fibonacci Clusters. Subtlety of use”

Hanzenko Anton

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