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Australian Dollar Crumbles Ahead Of Confidence Data

Australian Dollar Crumbles Ahead Of Confidence Data

AUD has taken centre stage in the FX space overnight, falling 135 points during the Asian session. The move lower started following the release of building approvals data that showed a decline of 6.9% versus an expected rise of 2% -dragging the year on year number down 13% against the consensus forecast of flat.RBA governor Glenn Stevens then made a speech that now has the futures market pricing in an 89% chance of a 25 basis point cut from the Australian central bank next week. Mr Stevens said the recent fall in AUD makes sense from a macroeconomic prospective and that he would not be surprised if it fell further over time whilst also suggesting that Q2 inflation data gives room for lower interest rates.USD/JPY held the technical support at 97.50 suggested in yesterday’s report and with the Nikkei rallying, we have seen USD/JPY reclaim the 98.00 handle as data from Japan overnight saw the unemployment rate drop from 4.1% to 3.9%, with industrial disappointment coming in at -3.3% for June following a rise of 1.9% in May.Today’s data is all about confidence sentiment surveys from Europe at 10am and the US at 3pm.EUR/USD Supports 1.3245-1.3220-1.3160 | Resistance 1.3300-1.3340-1.3380USD/JPY Supports 97.85-97.50-96.90 | Resistance 98.50-98.80-99.15GBP/USD Supports 1.5320-1.5275-1.5210 | Resistance 1.5350-1.5390-1.5415Disclosure: FX Solutions assumes no responsibility for errors, inaccuracies or omissions in these materials. FX Solutions does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FX Solutions shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials.The products offered by FX Solutions are leveraged products which carry a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary.

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