The Australian dollar fell during the Asian session, to prepare for the second weekly and monthly losses in a row, and to witness its stability near its lowest level since mid-March 2009 against the US dollar, following developments and economic data that it had reported on the Australian economy and on the cusp of developments and economic data expected on Friday by the economy American.
At exactly 03:03 AM GMT, the Australian dollar versus the US dollar fell 0.27% to 0.6551 levels compared to the opening levels at 0.6569, after the pair achieved its lowest level during the trading session at 0.6550, while the pair achieved its highest at 0.6585.
On the Australian economy, we followed the release of the private sector credit index reading, which showed an acceleration of growth to 0.3% compared to the previous reading in December and expectations at 0.2%. Otherwise, we followed yesterday Australian Prime Minister Scott Morris said that it is possible that the Corona virus will be converted to A pandemic and that his country has prepared a plan to deal with this potential epidemic, adding that no additional catalytic steps will be launched to support the economy from the repercussions of the virus.
On the other hand, investors are awaiting by the US economy, the largest economy in the world, the release of the merchandise trade balance index, which may explain the widening of the deficit to $ 68.5 billion, compared to $ 68.3 billion last December, in conjunction with the release of the initial reading of the inventory index Wholesale, which may reflect a 0.1% increase versus a 0.1% decline in December.
This comes in conjunction with the disclosure of spending and personal income data, which may reflect the stability of personal spending growth at 0.3%, little changed from the previous reading in December, and personal income growth accelerated to 0.3% compared to 0.2% in December, while it may A reading of the core personal consumption expenditures index shows the stability of the pace of growth in January at 0.2%.
Markets are also looking to the largest industrialized country in the world to reveal industrial sector data with the release of the Chicago PMI reading, which may reflect a contraction contraction to 46.1 compared to 42.9 last January, to reveal the final reading of the Michigan University Index of Consumer Confidence Which may show the breadth shrinkage to 100.7 compared to 100.9 in the first preliminary reading of the current month and 99.8 in January.
The Australian dollar versus the US dollar resumes its negative trading to approach our awaited target at 0.6500, and continues to move within the descending channel that supports the chances of achieving more negative targets, noting that exceeding the mentioned level will push the price to 0.6415 as the next main station.
Consequently, the negative scenario will remain dominant during the upcoming sessions, provided the stability is below 0.6580.
The expected trading range for today is between 0.6480 support and 0.6560 resistance
Expected trend for today: bearish