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The Weekly Wrap – Economic Data and Policy Jitters Delivered a Boost for the Greenback
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Asia-Pacific Currencies Rise after US Benchmark 10-year Treasury Yield Dipped to One-Year Low
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The Australian Dollar is edging higher on Wednesday as investors shrugged-off stronger-than-expected U.S. Consumer Inflation data. The news, which was likely priced-in for weeks, failed to rattle investors, sending Treasury yields lower and undermining the U.S. Dollar.
In other news, the Westpac Consumer Sentiment Index surged to an 11-year peak in April, defying worries about the government’s vaccine rollout. That followed a strong survey of businesses out on Tuesday.
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At 07:55 GMT, the AUD/USD is trading .7657, up 0.0031 or +0.40%.
Daily AUD/USD
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. The trade through .7677 reaffirmed the uptrend. A move through .7586 will change the main trend to down.
Earlier in the Day:
It’s was a relatively busy start to the Day on the economic calendar this morning. The Aussie Dollar was in action, with economic data from the China also in focus.
For the Aussie Dollar
In February, the Westpac Consumer Sentiment Index rose by 1.9% to 109.1. In January, the index had fallen by 4.5% to 107.0. Economists had forecast a 1.0% increase.
Sentiment remained strong in February, which is key to a more positive outlook on consumer spending.
According to the latest Westpac Report,
The upside in February came following January’s pullback from a 10-year high in December.
Looking at the sub-indexes:
nd January.
A total of 74 stats were monitored, following 46 stats from the week prior.
Of the 74 stats, 37 came in ahead forecasts, with 31 economic indicators coming up short of forecasts. There were 6 stats that were in line with forecasts in the week.
Looking at the numbers, 37 of the stats reflected an upward trend from previous figures. Of the remaining 37 stats, 31 reflected a deterioration from previous.
For the Greenback, it was back into the red after two consecutive weekly gains, with the Dollar Spot Index falling by 0.59% to $90.238. In the previous week, the Dollar had risen 0.75% to 90.772.
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