1/22/2021 3:42:53 PM GMT
Australian macroeconomic data indicated economic progress at the end of 2020.
US growth data and the Federal Reserve monetary policy decision in the spotlight.
AUD/USD consolidating near multi-year highs, a corrective slide is foreseen below 0.7640.
The AUD/USD pair has made little progress this week, ending it around the 0.7700 figure as investors struggled to maintain the optimism alive. Upbeat Chinese Gross Domestic Product released on Monday -the country reported the economy grew at an annualized rate of 6.5% in the last quarter of 2020- provided some support to the positive sentiment, but didn’t last. As the week developed, more social restrictions for longer took their toll on currencies.
1/22/2021 3:49:18 PM GMT | By FXStreet Team
The AUD/USD pair has made little progress this week, ending it around the 0.7700 figure as investors struggled to maintain the optimism alive. In the view of FXStreet’s Chief Analyst Valeria Bednarik, bulls may finally give up some as a corrective slide is foreseen below 0.7640.
Key quotes
“Australia will start the week with a holiday but will provide relevant data later into the week. The country will publish the December Westpac Leading Index and Q4 inflation figures on Wednesday, alongside NAB’s Business Confidence.”
“The US will offer December Durable Goods Orders, expected to have gained 0.9%, and the first estimate of the Q4 Gross Domestic Product, foreseen at 2.8% QoQ from 3.7% in the previous quarter. On Wednesday, the US Federal Reserve will announce its latest decision on monetary policy, although the market anticipates no changes to the current policy.”