Negative stability of the Australian dollar against the US dollar during the Asian session

The Australian dollar fluctuated in a slightly bearish range against the US dollar following developments and economic data that followed Wednesday on the Australian economy and on the eve of developments and economic data expected by the US dollar. American economy, the largest economy in the world. Fed Jerome Powell at Congress in Washington.

At 15:29 GMT, the Australian dollar fell 0.07% to 0.7384, compared to the opening levels of 0.7389 after recording a low of 0.7377, at 0.7395.

This is what we followed from the Australian economy: the Melbourne Institute released its leading indicators for the month of June, which show stability at zero, compared with a decline of 0.2% in May. This has affected the chances of raising interest rates by the end of next year 2019 in conjunction with the stabilization of interest rates at 1.50% for the 21st. consecutive meeting.

On the other hand, the markets want the US economy to reveal data on the housing market showing a decline in housing starts and a building permit in the United States in June before the second half semi-annual portfolio of the Reserve Bank. Federal Finance Minister Jerome Powell on monetary policy before the House Financial Services Committee in Washington.

million. Powell presented Tuesday to the Senate Committee on Banking, Housing and Urban Affairs a monetary policy note confirming that US economic growth was continuing at a steady and moderate pace in connection with continuous improvement of the labor market. Recent inflation was encouraging, adding that it is difficult to badess the impact of trade and financial policies on the US economy.

million. Powell also said the risks to the US economy remain balanced, adding that tax and tax reduction plans would likely help support growth, adding that moving forward with rate hikes is now the best policy. After Powell presented the summary report of the discussions on monetary policy, economic developments and prospects for the Federal Reserve at the end of last week in Congress.

Otherwise, markets are also looking forward today to unveiling the Beige Book report, an important two weeks before the FOMC meeting, one of the pillars on which the Fed's monetary policy makers base their decisions and their direction to support and stimulate the US economy, knowing that the next meeting of the Federal Commission will take place in late July and early August next.