Pre-Dawn Update! We had a chance to watch the first price action of the week and following up with last Thursday’s update, let’s get this ball rolling…
The Australian dollar dipped to its lowest value in roughly two weeks against the world’s reserve currency on Tuesday after the central bank of the South Pacific nation noted it intends to preserve the record-low rates of borrowing costs, according to Bloomberg.
The Australian dollar rose to its three-week peak against the world’s reserve currency on Thursday in the aftermath of Chinese commerce data trumping expectations, according to Bloomberg.
The dollar of New Zealand slipped against the world’s reserve currency on Wednesday after the governor of the Reserve Bank of New Zealand cited the body’s ability to intervene and limit the kiwi’s increase in value, according to Reuters.
This weekly feature examines chart formations, along with technical indicators, of two to three commodity markets. Breakouts of these formations may lead to trading recommendations published by the Trade Spotlight advisory service.
The Japanese yen marked its top value in two weeks on Monday against the world’s reserve currency after Bank of Japan Governor Haruhiko Kuroda said the economy of the Pacific Rim nation is recovering, according to Bloomberg.
The New Zealand dollar marked advances against many of its major counterparts on Thursday following the Reserve Bank of New Zealand increasing interest rates for the second time in the past two months, according to Reuters.
The Australian dollar marked its biggest losses in about three months against the world’s reserve currency on Wednesday after the South Pacific nation released official data indicating core inflation data was weaker than economists and analysts expected, according to Bloomberg.
The Australian dollar notched its top gains in more than two weeks against the world’s reserve currency on Tuesday prior to the government of the South Pacific nation releasing inflation data, according to Bloomberg.
The Australian dollar dipped in value on Tuesday against each of its 16 major rivals after the Reserve Bank of Australia released minutes noting the monetary unit’s rise was proving to be detrimental to the nation’s drive toward balancing growth, according to Bloomberg.