We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News Strong retail sales performance, Australian dollar fell to a two-day low

Strong retail sales performance, Australian dollar fell to a two-day low

In the morning session of the American market on November 16, the Australian dollar fell to a two-day low to 0.7314 against the US dollar, which was mainly suppressed by better-than-expected US retail sales data.

2021-11-16
10173
On Tuesday (November 16) in the American session, the Australian dollar fell to a two-day low to 0.7314 against the US dollar, which was mainly suppressed by better-than-expected US retail sales data.


The newly announced monthly rate of retail sales in the United States in October recorded 1.7%, which was significantly better than the previous value of 0.7% and also higher than expected 1.5%, setting a new high since March of this year, resuming the decline of the Australian dollar, while the US dollar has set a record since July last year. new highs.

At the same time, the market is pricing in the possibility that the Fed will eventually raise interest rates in July 2022, and the federal funds rate futures indicate a higher probability of a November rate hike.

The currency pair gained some positive momentum early on Tuesday, although it was difficult to continue this upward movement, and was once again blocked near the 100-day moving average resistance level. Concerns that inflationary pressures are rising faster than expected continue to weigh on investor sentiment. This can be clearly seen from the cautious sentiment surrounding the stock market, which in turn has a suppressive effect on the Australian dollar, which is regarded as a higher risk.

In addition, the dovish outlook of the Reserve Bank of Australia has further restrained the upward trend of the Australian dollar against the US dollar.

The RBA Policy Committee still believes that, given the lack of vitality in domestic wages and inflation, there may be no need to raise interest rates before 2024, even if the financial market is expected to raise interest rates as early as June next year.

The minutes of the Reserve Bank of Australia’s November policy meeting released on Tuesday showed that after the unexpectedly strong consumer price data in the third quarter, the committee believes that inflation risks have shifted to the upper stage, but the committee still believes that there are reasons to expect Australian wages and inflation to lag behind global trends. .

The Reserve Bank of Australia Chairman Lowe once again countered the market's bet on raising interest rates next year, thinking that his country's inflation may lag far behind the surge in inflation in some other developed countries.

The market currently expects to raise interest rates at least three times next year, mainly due to inflationary pressures in the world, especially in the United States.

But Lowe emphasized that the situation in Australia is different. Although the core inflation rate jumped to 2.1% in the third quarter, it was only the first time in six years that it returned to the Fed’s target range of 2-3%.

Lowe pointed out that it is crucial that there is no sign that Australian wages have risen as generally as in the United States.

The upper resistance pays attention to 0.7366, 0.7400, 0.7432, and the lower support pays attention to 0.7300, 0.7277, 0.7226.

(Australian dollar against the dollar daily chart)

GMT+8 22:36, the Australian dollar was quoted at 0.7327 against the US dollar.



Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free