{"id":103859,"date":"2020-08-27T14:28:55","date_gmt":"2020-08-27T13:28:55","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=103859"},"modified":"2020-08-27T14:44:05","modified_gmt":"2020-08-27T13:44:05","slug":"104062-aud-usd-aussie-trades-at-weekly-high-ahead-of-powell","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104062-aud-usd-aussie-trades-at-weekly-high-ahead-of-powell\/","title":{"rendered":"AUD\/USD: Aussie Trades At Weekly High Ahead of Powell"},"content":{"rendered":"<ul>\n<li><strong>US Dollar (USD) weakens as investors expect a dovish Fed<\/strong><\/li>\n<li><strong>US GDP is revised higher to -31.7% on an annual basis, initial jobless claims remain over 1 million<\/strong><\/li>\n<li><strong>Australian Dollar (AUD) boosted by domestic data as business spending slumps by less than forecast<\/strong><\/li>\n<li><strong>Australian coronavirus numbers improve<\/strong><\/li>\n<\/ul>\n<p>The Australian Dollar US Dollar (AUD\/USD) exchange rate is gaining altitude for a third straight session on Thursday. The pair is on track for weekly gains in the region of 1.3%.<\/p>\n<p>At 13:00 UTC, AUD\/USD trades +0.4% at US$0.7258. This is at the upper end of the daily traded range and at the top of the weekly trading range.<\/p>\n<p>The Australian Dollar is taking advantage of a weaker US counterpart ahead of Jerome Powell\u2019s pivotal speech.<\/p>\n<p>The Fed chair is expected to lay out a change to policy framework which will mean lower interest rates for a longer period of time. Should Jerome Powell announce or even hint towards a shift in the way that the central bank handles inflation, the US Dollar could lose ground.<\/p>\n<p>Dovish expectations from the Fed Chair are overshadowing an upward revision to Q2 US GDP. The US economy contracted by -31.7% on an annual basis, an improvement on the -32.5% in the first estimate.<\/p>\n<p>Whilst GDP data was mildly encouraging, the same could not be said for initial jobless claims figures. Over 1 million Americans signed up for unemployment benefits in the US in the week ending August 22<sup>nd<\/sup>.\u00a0 The reading comes following the upwardly revised 1.1 million signing up the week before. The fact that initial claims remain over 1 million indicate that the US labour market remains highly stressed.<\/p>\n<p>Australian domestic data was supportive of the Aussie Dollar as business spending fell by less than forecast in the April \u2013 June period. Business investing slumped by -5.9%, significantly better that the -8.4% analysts had been expecting.<\/p>\n<p>Adding to the upbeat mood surrounding the Australian Dollar is improving coronavirus statistics. The state of Victoria recorded the fewest number of new infections in a month. With just 222 new cases there is growing optimism that the government is gaining control over the outbreak.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Dollar (USD) weakens as investors expect a dovish Fed US GDP is revised higher to -31.7% on an annual basis, initial jobless claims remain over 1 million Australian Dollar (AUD) boosted by domestic data as business spending slumps by less than forecast Australian coronavirus numbers improve The Australian Dollar US Dollar (AUD\/USD) exchange rate [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":3717,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1381],"tags":[1540,1541,1445,1397,1398],"class_list":{"0":"post-103859","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-aud","8":"category-usd","9":"tag-aud","10":"tag-australian-dollar","11":"tag-jerome-powell","12":"tag-us-dollar","13":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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