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4 Aug 2020

AUD/USD loses its traction, turns flat near 0.7120

  • AUD/USD turned south after advancing to 0.7150 area.
  • RBA left its policy rate unchanged at 0.25% as expected.
  • Eyes on Factory Orders and ISM-NY Business Conditions Index data from the US.

The AUD/USD pair closed the second straight day in the negative territory on Monday but staged a rebound toward 0.7150 during the Asian session. Nevertheless, the pair failed to preserve its momentum and erased its gains to turn flat on the day near 0.7120.

RBA offers nothing new with respect to policy outlook

Following its July monetary policy meeting, the Reserve Bank of Australia (RBA) decided to keep its policy rate unchanged at 0.25% as expected. In its policy statement, the RBA reiterated that it will maintain its accommodative approach as long as it's required. "The Australian economy is going through a very difficult period; experiencing its biggest contraction since the 1930s," the RBA added. The fact that the bank didn't voice any concerns regarding the AUD strength helped AUD/USD push higher.

On the other hand, the renewed USD strength is weighing on AUD/USD during the early trading hours of the American session. Although the 10-year US Treasury bond yield is staying deep in the red on Tuesday, the US Dollar Index (DXY) continues to edge higher toward 94.00. Ahead of the Factory Orders and the ISM-NY's Business Conditions Index data, the DXY is up 0.33% on the day at 93.82.

On Wednesday, AiG Performance of Construction Index, Commonwealth Bank Services PMI and Home Loans data from Australia will be looked upon for fresh impetus.

Technical levels to watch for

 

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