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Will the Australian Dollar Continue to Rise?

Market Report

Will the Australian Dollar Continue to Rise?

02.09.2021

Today's Highlights
  1. U.S. Initial Unemployment Insurance Claims
  2. Challenger's Projected U.S. Job Cuts

Yesterday, stock prices rose in the U.S. market, resulting in a market environment characterized by higher stock prices, lower interest rates, and lower crude oil prices. WTI crude oil plummeted during U.S. trading hours yesterday and is now in the $68.2 range. Gold has been trading sideways just above $1,800 and is currently at $1,813.

In the foreign exchange market, Oceania currencies continue to hold their ground, and the AUD/JPY pair is rising at a steeper rate compared to other yen crosses. The AUD/JPY is currently trading at 80.9, and the focus will be on whether it can break above its recent high of 81.58.The AUD/USD pair is showing an even more pronounced upward trend, supported on the downside by the 20-period moving average on the hourly chart, and is currently trading around 0.736.

Today’s economic indicators include the Swiss Consumer Price Index and retail sales at 3:30 p.m., the Eurozone Producer Price Index at 6:00 p.m., the U.S. Challenger Layoff Announcements at 8:30 p.m., the Canadian trade balance and housing permits at 9:30 p.m.,U.S. Initial Jobless Claims, U.S. Trade Balance, and U.S. Second-Quarter Nonfarm Labor Productivity (Final),at 11:00 PM: U.S. Manufacturing Orders Index; at 11:30 PM: U.S. Weekly Natural Gas Inventories; at 2:00 AM: Remarks by Bostic, President of the Atlanta Fed; and at 4:00 AM: Remarks by Daly, President of the San Francisco Fed.Ahead of tomorrow’s U.S. employment report, we will closely monitor the strength and weakness of the U.S. dollar against other currencies.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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