Let’s jump right to the data that was due to be released yesterday pertaining to the AUD. There were two main events one was of the released wage-price and construction figures and the second the announcement of the HSBC’s private sector reading of manufacturing PMI. The not so great news is that wage-prices are at their lowest since 1997, this paves the way for the Reserve bank of Australia making a rate hike even more likely to occur and probably even sooner than expected. This does affect domestic income and the ability for consumers to have enough capital to spend, which in turn will have an effect on retail movements and erode the economy. On the plus side, even though, this was the bad news, the Australian Dollar (AUD) seemed to be relatively untouched by this release. The other upside to this is that there seems to be an increase of job vacancies in Oz, which makes for the job market picking up.
On the second release of the day regarding the AUD was the HSBC’s private sector reading of manufacturing PMI, which in fact had increased, this was brought about by new orders being met at a faster rate while new export orders decreased. Still a good report on the whole and the Australian manufacturing sector is doing alright with its partner in crime China.
In spite of all the negative news that surrounded the AUD / USD in the past 48 hours it seems this pair rallied and saw bulls all the way to the profiting zones yesterday.
Making the financial news again is the WTI crude oil, officially trading lower than prior inventories data had mentioned. The latest report came about yesterday afternoon where it was found to be at $49.00 a barrel. Where its counterpart Brent Crude oil was hovering around $59.00 a barrel. This played off the back of the US oil output continuing to do well despite the lowering price. Another factor that had an influence on this commodity was the urgent call for a meeting regarding OPEC which will take place in the next six weeks.
Notwithstanding all the positive support surrounding the WTI crude oil is still on a bearish trend and will continue like this for the next two days.
Today’s Binary Trading Tip:
I am jumping at the fact that the AUD is doing better amidst all the negativity surrounding it. I will definitely take my chances and Call this pair AUD / USD. I know it may not be the best choice as the USD is going from strength to strength, but I just think this is the chance I need to take today.
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