Australian private sector credit for November expanded as expected, but at a marginally lower rate as in October. This suggests that the Australian consumer is likely to remain supportive of the economy. The Australian Dollar strengthened slightly after the release of this report and pushed the AUDCHF to the upside. The Chinese Manufacturing PMI posted its first reading below 50.0 in over two years which indicates a contraction.
Can the rally in the Australian Dollar last? The Swiss central bank was more active in forex interventions over the past week as this morning’s data showed. Will the AUDCHF attempt a breakout?
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