AUD/USD eases from 0.7243, the monthly high, as the US Dollar recovers versus its major peers. However, an improving mood in the market could buoy the pair the US Dollar loses appeal as risk appetite rises
AUD/USD SHRUGS OFF BAN ON AUSTRALIAN COAL AS RISK SENTIMENT RISES
AUD/USD appears to look past headlines that China has banned coal imports from Australia. Australian Trade Minister Simon Birmingham insists that there is no proof of this yet.
Price movement after the Reserve Bank of Australia (RBA) interest rate decision points to the decline from the yearly high of 0.7414 being the rally running out of steam as opposed to a change in market behaviour. AUD/USD traded higher on the month with the Relative Strength Index (RSI) breaking out of the downward trend in place since last month.
The pickup from the monthly low (0.7096) could gain momentum as bearish bias eases. The Employment report for Australia could drag AUD/USD lower as the economy is expected to shed 35K jobs in September.