Lawrence Villamar

U.S. stocks dropped sharply Tuesday amid fresh worries over the state of the economy, pushing the market to its longest losing streak in nearly three years and sending the Standard & Poor's 500-stock index to a 2011 closing low. T

The AUD is almost I US cent lower this morning after poor manufacturing data out of the US, and the move towards an agreement on the debt ceiling buoyed the USD.

The AUD/USD was sent sharply lower as markets became more bearish overnight. This brought the Aussie back to support at 1.0910 and traders will be watching this level carefully.

The US ISM manufacturing index slumped to a 2-year low of 50.9 in July, down from 55.3 in June. All major components of the index were weaker expect exports. But US construction spending hit a six month high in June, rising 0.2pct.

U.S. stocks fell but finished above session lows, as weak manufacturing data and worries of potential downgrades to the U.S. credit rating overpowered investor relief over the weekend's debt-ceiling deal.

The Australian Dollar advanced yesterday as US President Barack Obama announced that party leaders had reached an agreement to raise the US Debt Ceiling, saving the US economy and broader global financial markets from a potential catastrophic default.

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The Aussie has pulled back and broken below support overnight, but was only able to fall back to 1.0970 before finding buying buyers. While the next 24 hours are likely to be highly volatile as news out of the US drives price action, the Aussie remains in a bullish phase while above 1.0800.

The Australian Dollar has retraced the last two day’s gains now that all markets watch the vote in the US House of Representatives on the Republican proposal to raise the country's debt-ceiling.

US jobless claims (new claims for unemployment insurance) fell from 422,000 to 398,000 in the latest week, well below expectations for a result near 415,000. The pending home sales index rose from 88.8 to 90.9 in June. But the Kansas City Fed manufacturing index eased from +22 to +2 in July.

A stock-market rally evaporated late in Thursday's session as investors fixated on Washington's debt-ceiling impasse, overshadowing better-than-expected jobs data. The Dow Jones Industrial Average finished 62.44 points lower, or 0.51%, at 12240.11, the blue-chip measure's fifth straight loss. The Standard & Poor's 500-stock index shed 4.22 points, or 0.32%, to 1300.67, led lower by telecommunications stocks. The Nasdaq Composite eked out a 1.46 gain, or 0.05%, to 2766.25.

The Australian Dollar paused to take a breath yesterday following on from what has been a historical week for the Nations Currency.

The Aussie surged to new post-float highs after yesterday’s higher-than-expected CPI numbers. The market has since pulled back to support at 1.1010 and traders will be looking to take new longs while we trade above 1.1010. A break below 1.1010 sets up a move to 1.0950.

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The Aussie’s had a monster 48 hours and there’s no reason to expect the action to slow down today. The impending major price point will be Australian June quarter CPI due at 11.30am. The market is expecting a 0.7% quarterly number (or 3.3% on an annual basis) and a higher-than-expected number could be the catalyst to break 1.1000 and beyond.

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The AUD is slightly stronger this morning as the USD continues to feel the pressure with the US debt ceiling crisis remaining unresolved.

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The Aussie pulled back to support at 1.0800 before using that level to push higher. The push upward found resistance at 1.0870 after making new two-month highs. Technically, the picture looks upbeat for the Aussie, with traders looking to take new longs on a pullback to 1.0800 or a break above 1.0870.

U.S. stocks fell Monday, as the deadlock in Washington's debt negotiations left investors uncertain whether the U.S. can avoid a default or a credit downgrade

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It’s going to be a tricky start to the week with market action likely to be driven by the ongoing US debt negotiations. Markets have started the week on the back foot with the Aussie falling about 30 pips on the open before stabilising around 1.0820.

The Australian Dollar has maintained its recent strength above 1.0800 this morning as markets are still frustrated by no resolution to the raising of the US government debt ceiling which has a self-imposed deadline of next Tuesday, August 2.

US congressional leaders struggled over the weekend to come up with a plan to prevent the government defaulting on its debt payments and to allow government social security payments to continue to made.

In what a capped a good week for the Australian Currency, data out on Friday showed import prices rose by 0.8 percent for the month of June increasing by much a larger degree than economists forecast.

The Aussie burst through resistance at 1.0800 and this now sets up a move to the all-time highs at 1.1000. Traders will be waiting for a pullback to 1.0800 in order to take new longs. Minor resistance is seen at 1.0900.

The Aussie continued higher overnight as the USD weakness benefited the local unit. That said, the Aussie remains stuck below 1.0800 and traders will be likely to continue using any move toward 1.0800 as an opportunity to short. A break of 1.0800, however, will be bullish.

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