The Australian dollar changed course and made a move to the upside, enjoying the great jobs report. Will it continue higher? The RBA meeting minutes stand out. Here are the highlights of the week and an updated technical analysis for AUD/USD.
Australia reported a gain of no less than 61.6K jobs in November, far better than expected and with an upwards revision. Chinese industrial output was OK and the USD wobbled on positive retail sales and the upcoming tax bill while suffering from a second dissenter amid the Fed’s ranks and subdued inflation.
Updates:
AUD/USD daily graph with support and resistance lines on it. Click to enlarge:
New Motor Vehicle Sales: Monday, 00:30. Sales of new cars and trucks serves as a gauge for the wider economy. Sales remained flat in October, a somewhat worrying sign.
Mid-Year Economic and Fiscal Outlook: Monday, 1:15. The Australian Treasury publishes an update on the economic situation. Any change in growth forecasts will be watched closely. Announcements about new investments can also provide a boost to the Aussie.
Monetary Policy Meeting Minutes: Tuesday, 00:30. The RBA left the interest rate unchanged in its last decision, early in this month. As the central bank takes a break in January, the meeting minutes carry more weight now. Are the members worried about low inflation? How do they see growth prospects into 2018? The tone of the document has an impact on the Aussie.
CB Leading Index: Tuesday, 3:30. This composite index by the Conference Board rose by 0.2% in September, in line with previous movements. A similar change is likely for October.
MI Leading Index: Tuesday, 23:30. The Melbourne Institute releases its own leading index, composed of 9 separate economic indicators. Recent figures were a “see-saw” between increases of 0.1% and slides of the same scale. After a rise of 0.1% last time, a slide cannot be ruled out this time.
AUD/SD Technical Analysis
Leave A Comment