AUDUSD InsightHello to all subscribers.
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Key Points
- According to the U.S. June Job Openings and Labor Turnover Survey (JOLTS), the seasonally adjusted number of job openings was 7.437 million, a decrease of 275,000 from the previous month, falling short of the market expectation of 7.55 million.
- During high-level talks between the U.S. and China held in Stockholm, Sweden, both sides reportedly agreed to extend the tariff suspension measure for an additional 90 days.
- While the Federal Reserve is expected to hold rates steady in the July FOMC meeting, there is growing anticipation for a dovish stance suggesting a possible rate cut in September.
This Week's Major Economic Events
+ July 30: Germany Q2 GDP, U.S. ADP Nonfarm Employment Change (July), U.S. Q2 GDP, Bank of Canada rate decision, FOMC meeting results announcement
+ July 31: Bank of Japan rate decision, Germany July Consumer Price Index (CPI), U.S. June Personal Consumption Expenditures (PCE) Price Index
+ August 1: Eurozone July CPI, U.S. July Nonfarm Payrolls, U.S. July Unemployment Rate
AUDUSD Chart Analysis
The pair recently climbed above the 0.66000 level but has since reversed, giving back gains. However, both higher highs and higher lows are being established, suggesting the current pullback is part of a gradual uptrend. A continued bullish outlook is expected over the long term, with a projected high around the 0.69000 level.
