The Australian dollar fell during the Asian session to its lowest level since January 3, when it tested its lowest since March 19, 2009 against the US dollar, following the economic developments and data that followed on the Australian economy and on the eve of developments and economic data expected On Thursday by the US economy, the world's largest economy.
At 02:21 GMT, the AUDUSD fell 0.16% to 0.6917, compared with the opening levels of 0.6928, after reaching a low of five-month low of 0.6893, while the highest at 0.6448.
On the Australian economy, the Melbourne Institute reading of consumer expectations of inflationary pressures showed that growth slowed to 3.3% from 3.9% last April, before we saw labor market data showing a rise in unemployment to 5.1% versus 5.1%. In March compared with expectations of 5.0%.
We also followed the reading of the Employment Change Index, which rose to 28.4K compared to 27.7K in March, in contrast to expectations of 15.2K. This came on the heels of a recent interview by Assistant Governor of the Reserve Bank of Australia, Michelle Bullock, regarding the new payment platform at the Annual Mandy Securities Commission Australian Finance and Investments in Sydney.
On the other hand, investors are currently waiting for the US economy to release the index of claims for the week ending May 11, which may reflect a decline of 8 thousand requests to 220 thousand requests compared with 228 thousand applications in the previous weekly reading, Investors' applications for the fourth week of this month fell 4K to 1,680K versus 1,684K.
This is in conjunction with the disclosure of housing market data and the reading of the Construction Starts Index and Construction Permit, which may reflect an increase during April. Building permits are expected to rise 1.4% to 1,287 thousand versus 1.7% In March. Existing homes may also rise 6.2% to 1,209,000 versus 0.3% at 1,139,000.
Markets also look to the world's largest industrial nation to see the Philadelphia Manufacturing Index, which may reflect a widening of 10.0 versus 8.5 in April, to the forthcoming talk of Federal Reserve Vice President and Federal Open Market Committee member Ellen Bernhard about policy expectations Economic and monetary debate at the annual symposium of the National Association of Taxation in Washington.
The AUDUSD is showing further bearishness approaching the target of 0.6905, while we expect the bearish trend to continue towards our extended target at 0.6800, supported by the negative pressure provided by SMA 50, Stability below 0.7044.
The trading range for today is among the key support at 0.6870 and resistance at 0.6980
The general trend for today is bearish