FXStreet (Delhi) – Arnaud Masset, Market Analyst at Swissquote, notes that Australian shares rose 0.74%, helped by a strong consumer confidence in September. ANZ Roy Morgan weekly consumer confidence index jumped to 114.5 points from 105.3 a week ago as Malcom Turnbull took over leadership of the Liberal Party from Tony Abbott.
Key Quotes
“Australian people are pretty optimistic regarding Abbott’s government’s ability to reinforce an economy, which suffers from weaker demand from China. AUD/USD escaped its short-term downtrend channel as it successfully validated a break of the 0.70 resistance a few days ago.”
“However, the Aussie is still trading within its long-term declining channel. The currency pair already failed once to move above its 50dma (around 0.7240 at the moment) as global investors are still reluctant to reload long AUD/USD position.”
(Market News Provided by FXstreet)