Global macro overview for 10/02/2017
February 10, 2017 11:11 amVideo
Latest News
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
- Technical Analysis – NZDUSD bounces off 5-month low April 17, 2024
- Overview for the EUR/USD pair on April 17th. There is no single reason for the euro to rise April 17, 2024
- Key events on April 17: fundamental analysis for beginners April 17, 2024
- Trading plan for GBP/USD on April 17. Simple tips for beginners April 17, 2024
- Trading plan for EUR/USD on April 17. Simple tips for beginners April 17, 2024
- Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 17, 2024. April 17, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
- Forecast for EUR/USD on April 17, 2024 April 17, 2024
- Forecast for GBP/USD on April 17, 2024 April 17, 2024
- Forecast for USD/JPY on April 17, 2024 April 17, 2024
- Outlook for EUR/USD on April 17. A boring Monday seamlessly transitioned into a boring Tuesday April 17, 2024
- Will the euro manage to save itself? April 17, 2024
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
Global macro overview for 10/02/2017:
The RBA Monetary Policy Statement released by the Reserve bank of Australia reviews economic and financial conditions determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. In the latest statement released overnight, RBA sais the overall Australian economy in the second half of 2016 remained robust and the possibility of a widely expected downturn in the Australian housing market remained low. Nevertheless, the forecasts for 2016 GDP growth were revised down, when the economy unexpectedly contracted 0.5% after two straight quarters of economic growth. The main reason behind the contraction was largely due to temporary factors, such as a slowdown in building activity related to bad weather and coal supply disruptions. In a case of inflation expectations, RBA sais the target projections are at the level of 2-3% target band until the middle of 2019. The unemployment rate should stay in the range between 5-6% until the middle of 2019 and the annual rate of the population growth at the range between 1.5% – 1.6%.
Let’s now take a look at the AUD/USD technical picture at the daily time frame after the statement was released. The market is still bouncing from the technical support at the level of 0.7609 and this will be the key level for bears if they want to push the prices lower. Due to the overbought market conditions the bias remains to the downside and if the technical support at the level of 0.7609 is violated, then the next support is seen at the level of 0.7511.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: