AUD/USD Fundamental Analysis: November 3, 2016
Yesterday, the Australian dollar closed higher even though the US dollar has depreciated. It closed at .7659 with 0.0007 or +0.09% increment.
The Presidential election current polls showing Hilary Clinton, the Democratic candidate is losing to Donald Trump which greatly strains the U.S. dollar. Moreover, the next Fed meeting on Wednesday is most awaited relative to the results of the U.S. Presidential election. The financial market is siding on higher chances of Clinton to win the election.
The most recent monetary policy decision did not create tension among traders. Hence, it was decided to leave the rates as it is but/ still uncertain with the December rate hike. They also hinted that they would not implement a rate hike immediately with raising concerns on the U.S. presidential election as they prefer to wait for the outcome instead.
Aussie rates will be dependent on the weak U.S. dollars and polls of the U.S. presidential election will affect the price action. The Challenger Job-cut report will be reported early. Soon after the unemployment claims, Preliminary Nonfarm Productivity and Preliminary Unit Labor Costs will also be released.
|