From now on we Elev8
We're more than just a broker. We're an all-in-one trading ecosystem—everything you need to analyse, trade, and grow is in one place. Ready to elevate your trading?
Trading news
4 Nov 2014
AUD being tested on recent data releases - Westpac
FXStreet (Guatemala) - Rob Rennie, analyst at Westpac Banking Corporation, ABN reminded that last week they argued that EUR/AUD was set to trend lower but now suggests that the recent run of soft Australian data has put an end to that run - for now.
Key Quotes:
“We argued for selling EUR/AUD at 1.4370”.
“However, yesterday's soft building approvals data and today's poor trade and revised employment data has seen the AUD test the lower end of the 0.8650/0.8900 range”.
“While we still see the A$ holding the lower end of the range, we had a stop on this recommendation at 1.4420 which was hit in the aftermath of the data”.
“We are therefore out of this position, though we still feel that EUR/AUD should continue to trend lower in coming weeks”.
“We remain long AUD/JPY”.
Key Quotes:
“We argued for selling EUR/AUD at 1.4370”.
“However, yesterday's soft building approvals data and today's poor trade and revised employment data has seen the AUD test the lower end of the 0.8650/0.8900 range”.
“While we still see the A$ holding the lower end of the range, we had a stop on this recommendation at 1.4420 which was hit in the aftermath of the data”.
“We are therefore out of this position, though we still feel that EUR/AUD should continue to trend lower in coming weeks”.
“We remain long AUD/JPY”.