Forex: AUD/USD – Sharp plunge to 0.9584

on Jun 17, 2013
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In trading late in today’s European session the Australian dollar has retreated more than 60 pips, falling from 0.9642 to 0.9580.

The pressure from the American side has come notwithstanding only weak news out of the US prior to the slide. The adjustment actually had its beginning ahead of the European opening.
The NY Empire State Manufacturing Survey logged modest improvement in New York general business conditions for June, rising nine points to 7.8, although most indicators contributing to the survey pointed to declines.

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According to the statement from the survey: “Continuing the trend seen in the past few months, indexes for the six-month outlook declined, suggesting that optimism about future conditions was weakening further.” The new orders index fell six points to -6.7, the shipments index was off 12 points to -11.8, unfilled orders dropped eight points to -14.5, delivery time index declined three points to -6.5 and inventories fell three points to -11.3. (For inventories, taking declines out to four straight months.)
Earlier today, the Australian dollar had been above the 0.96 level, using support carried over from last week following strong numbers for the Australian labour market.

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AUD Forex