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1 Aug 2018

AUD/USD remains around 0.7400 after Fed’s meeting

  • US dollar practically unchanged after Fed’s meeting, consolidates modest daily gains.
  • AUD/USD remains around 0.7400 ahead of White House tariffs announcement. 

The AUD/USD pair rose to 0.7406 after the release of the FOMC statement. As of writing it was trading t 0.7400, around the same level it had before. The Aussie is consolidating modest losses versus the greenback while on a wider perspective it continues to move sideways. 

The Federal Reserve left interest rate unchanged at 1.75-2.00% as expected. “The Fed did not make any substantive changes to its statement language today. The only edits reflected an assessment of the recent "strong" data, which should keep the Fed on track for a hike in September and continued gradual removal of accommodation”, according to TD Securities analysts. 

Market participants now await an announcement at the White House related to Chinese tariffs. It is expected to be delivered at 19:30 GMT and some reports suggest that US President Trump could announce an increase in tariffs. 

Levels to watch 

The AUD/USD pair is retreating after finding resistance yesterday at 0.7440. If it rises above  0.7420 it could gain momentum but the upside is likely to remain limited as long as it holds below 0.7450. A break higher could clear the way to more gains. On the flip side, 0.7385 is the immediate support followed by 0.7360 (last week low) and 0.7340/45. 


 

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