AUDUSD InsightHello, subscribers!
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Key Points
- The euro has plunged amid concerns over Eurozone growth and the suspension of natural gas inflows via Ukraine.
- The Atlanta Fed's GDPNow model lowered its Q4 growth forecast from 3.1% to 2.6%, citing a downgrade in the real private investment growth rate.
- U.S. weekly initial jobless claims came in at 211,000, down 9,000 from the previous week, falling short of market expectations.
- Tesla's stock price plunged as its annual deliveries slowed for the first time in a decade. This weakened investor sentiment and drove safe-haven demand, boosting the U.S. dollar index.
Key Economic Event
+ January 3: U.S. December ISM Manufacturing PMI
AUD/USD Chart Analysis
After breaking below the 0.63500 level, the pair dropped to the 0.62000 level for the first time since October 2022. This area near the previous low presents an opportunity for a potential rebound. If a rebound succeeds, a swift short-term rise to the 0.63500 level is expected. However, if the rebound fails, there is a high likelihood of further decline toward the 0.60000 level.
