The Australian dollar fluctuated in a narrow range slanting to an upside during the Asian session, to witness its retracement of the fourth session from the lowest since the eighth of February against its US counterpart, following the developments and economic data that they followed on the Australian economy and on the cusp of economic developments and data expected today, Wednesday, by the American economy. The largest economy in the world.
At exactly 04:03 a.m. GMT, the Australian dollar against the US dollar rose 0.04% to 0.7823 levels compared to opening levels at 0.7820, after the pair achieved its highest level during the session's trading at 0.7838, while it achieved the lowest level at 0.7813.
We have followed up on the Australian economy unveiling the construction index reading by the Australian Industrial Group (AIG), which showed a contraction of the expansion to a high of 57.4 compared to 57.6 last December, and this came before we witnessed the release of the GDP index reading, which showed a slowdown. Growth to 3.1%, compared to 3.4% in the third quarter, surpassing expectations that indicated a slowdown in the pace of growth to 2.5%.
On the other hand, investors are currently awaiting the US economy to reveal preliminary data for the labor market with the release of the index of change in private-sector jobs, which may reflect the acceleration of job creation to about 203 thousand jobs compared to 174 thousand jobs last January, Hours before the release of the monthly report on Friday, Friday, of jobs other than agricultural and unemployment rates, in addition to the average hourly income for the past month.
This comes, before we witness the release of the final reading of the Service Provisioning Institute index by Markit from the United States, which may confirm an expansion of 58.9, unchanged from the preliminary reading for the past month and compared to a widening at 57.4 in January, and before the disclosure of a reading. The index of the Service Provisioning Institute, which may indicate that the expansion has stabilized at a value of 58.7 during February.
All the way to the talk of a member of the Federal Open Market Committee and the President of the Chicago Federal Reserve, Charles Evans, about the economy at an online event hosted by the Association of Chartered Financial Analysts in Chicago, and this comes before we witness the Federal Reserve unveiled the report of the Big Book, whose importance lies in its being issued two weeks ago. From the FOMC meeting scheduled for March 16-17.
The Australian dollar against the US dollar pushed strongly upwards to breach the 0.7765 level and settle above it, and surpassed the first positive target at 0.7815 to pave the way for achieving more expected gains during the upcoming sessions, on its way to visit 0.7900 then 0.8000 as next major stops.
Therefore, the bullish trend will be likely for today unless breaching 0.7745 level and holding below it.
The expected trading range for today is between 0.7770 support and 0.7900 resistance