The Australian dollar continues to improve, having gained about 140 points in the past week. Australian CPI jumped 2.5% in May, a four-month high. The strong reading edged above the estimate of 2.4%. NAB Business Confidence came in at 7 points, as the indicator continues to move upwards. Meanwhile, ANZ Job Advertisements took a tumble, posting a sharp decline of 5.6%, its worst showing in three years. We’ll get a look at further employment data on Thursday, with the release of Employment Change and the Unemployment Rate.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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