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3 March 2025,02:18
Trade Of The Day
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3 March 2025, 02:18
* PCE Punch: The Australian dollar fell to a three-week low against the U.S. dollar after the release of U.S. PCE data and new tariff announcements from President Donald Trump. The proposed 10% tariff on Chinese imports adds to existing trade duties, raising concerns about potential retaliation from China, Australia’s largest trading partner. Additionally, tariffs on Mexican and Canadian goods are expected to take effect as soon as next week. On the economic front, the U.S. Bureau of Economic Analysis reported that annual inflation, as measured by the Personal Consumption Expenditures (PCE) Price Index, eased to 2.5% in January from 2.6% in December. Meanwhile, Australian Private Capital Expenditure unexpectedly declined by 0.2% quarter-on-quarter in Q4 2024, missing the expected 0.8% growth, indicating weaker investment activity and dampening confidence in the Australian economy.over-quarter, exceeding the 2.2% estimate, while the annualized rate remained steady at 2.3%.
* Technical Breakout: AUDUSD was traded lower while currently testing the support level 0.62200. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 0.60650 after it breaks below the support level 0.62200. Conversely, a potential reversal is also to be expected and the price could head back towards the level 0.638000.
Looking ahead, traders will closely monitor key economic data this week, including the ISM Manufacturing PMI, ADP Non-Farm Employment Change, and Non-Farm Payrolls, which could play a crucial role in shaping market direction.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Australian data, global market updates, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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