Author: Dennis Li
We were down by more than 80 points against the USD in the last 24 hours but still within the well documented range of 0.7330 -0.7470. As the escalating trade war continues to cast doubts on the ongoing strength of the Australian economy a test on the downside appears almost inevitable that could see a run down to 0.7150 if 0.7330 doesn’t hold. The EUR broke below key support against the USD at 1.1550 but any improvement against the AUD was negated by the Aussie falling at the same rate.
The GDP data from Britain tonight and Japans later today along with US CPI data tonight may provide a clearer picture of the direction of global growth and therein the direction of the AUD.
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