AUD/USD is subdued in the Monday session. Currently, the pair is trading at 0.7048, up 0.06% on the day. On the release front, there are no Australian events. Later in the day, China releases manufacturing PMI, which is expected to tick up to 50.7 points in April, after a score of 50.5 in the previous release. The 50-level separates contraction from expansion, so a reading just above 50 points to stagnation. The U.S. releases Core PCE Price Index and Personal Spending for February and March. The markets are expecting a strong gain of 0.7% for Personal Spending in March. On Tuesday, the U.S. releases Chicago PMI and CB Consumer Confidence. Australia will post the AIG manufacturing index.
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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