Forex: AUD/USD at 2-day high in European trading

Written by: Violina Todorova
July 26, 2013

_iNVEZZ.com Friday July 26th:_ The AUD has today been continuing the upward movement against the greenback which started in yesterday’s Asian session, with the pair rising to a two-day high to be crossing at 0.9287 in European trading so far. The AUD/USD increased 150 pips in yesterday’s late American trading, recording the day’s high at 0.9279.

The only significant release for the pair on today’s calendar is this month’s Thomson Reuters/University of Michigan Consumer Sentiment Index, due out at 14:55 BST, which is expected to come out slightly improved at 84.0 from June’s 83.9.
The next dedicated Australian release will be Building Permits for June y/y, scheduled for Tuesday at 02:30 BST.

The selling pressure on the USD yesterday followed the release of mainly positive US Durable Goods Orders data for June and insipid initial jobless claims data for last week.
Orders for US durable goods came out a 4.2 percent rise in June, well above expectations for a 1.4 percent advance though short of May’s revised 5.2 percent. Airplane-making, up over 30 percent m/m, was a major contributor to the rise.
Excluding transportation, the numbers were flat in June, better than the expected 0.5 percent fall from May’s one percent.
US Initial Jobless Claims for the week ended July 19 came out as a rise of 7,000 to 343,000, worse than expectations for 340,000 and up from the prior week’s 336,000, leaving little for QE-tapering advocates to cheer about.

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