The Greenback managed to regain some composure and partially reverse steep losses recorded in the last couple of days, while stocks worldwide rebounded on the back of shrinking pessimism among market participants.
The RBA kept the OCR unchanged, as expected, although it came up with a hawkish message. Here is what you need to know on Wednesday, August 7: The USD Index rose around a big figure from Monday’s sharp pullback to the 102.00 region, helped by renewed sentiment and the marked bounce in US yields. On August 7, weekly Mortgage Applications tracked by MBA are due, seconded by the EIA’s report on US crude oil inventories.
00 and reversed a multi-day pullback amidst some renewed selling pressure hitting the yen. The preliminary Coincident Index and Leading Economic Index will be published on August 7. After bottoming out in YTD lows near 0.6350 on Monday, AUD/USD regained some upside traction and reclaimed the area north of the 0.6500 barrier underpinned by another hawkish hold by the RBA. The Ai Group Industry Index is only due in Oz on August 7.
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