Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Trading news
Back
2 Aug 2021

AUD/USD climbs above 0.7350 ahead of US PMI data

  • AUD/USD is edging higher at the start of the week.
  • US Dollar Index stays below 92.00 following Friday's rebound.
  • Focus shifts to Markit and ISM Manufacturing PMI data from US.

The AUD/USD pair lost its traction on Friday and ended up closing the week flat. After staying relatively quiet during the Asian trading hours on Monday, the pair started to edge higher supported by the upbeat market mood. As of writing, AUD/USD was up 0.2% on the day at 0.7358.

Earlier in the day, the data from Australia showed that the AiG Performance of Manufacturing Index declined to 60.8 in July from 63.2 in June while the Commonwealth Bank Manufacturing PMI fell to 56.9 from 58.6. Additionally, the ANZ Job Advertisements contracted by 0.5% after rising by 1.5% in June.

USD weakens modestly ahead of PMI data

The mixed macroeconomic data releases failed to trigger a noticeable market reaction but the positive shift witnessed in market sentiment helped the AUD find demand during the European session. Currently, the S&P Futures and the Nasdaq Futures both gain more than 0.3% and the US Dollar Index is posting small daily losses at 91.96.

Later in the session, the ISM will release the US Manufacturing PMI report for July. The headline PMI is expected to arrive at 60.9. However, investors will pay close attention to the Prices Paid component of the survey and a stronger-than-expected reading could provide a boost to the USD in the second half of the day and vice versa.

On Tuesday, the Reserve Bank of Australia will announce its monetary policy decisions.

Previewing this event, "following the RBA’s meeting in July, we have affirmed our view that the conditions for rate hikes are unlikely to be met until at least late 2023," said UOB Group economist Lee Sure Ann. "Meanwhile, we expect its QE program to be extended again in November, with a further reduction in the pace of purchases likely."

Technical levels to watch for

 

Aug 2, 2021

USD/MYR still seen within 4.2100-4.2400 – UOB

USD/MYR is expected to keep the trade between 4.2100 and 4.2400, noted Quek Ser Leang at UOB Group’s Global Economics & Markets Research. Key Quotes “
Read more Previous
Aug 2, 2021

US Dollar Index Price Analysis: Extra losses likely below 91.80

DXY remains under pressure and resumes the downtrend below the key support at the 92.00 yardstick. Further decline still appears on the cards in the c
Read more Next