AUD/USD Fundamental Analysis October 24, 2012 Forecast

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AUD/USD Fundamental Analysis October 24, 2012 Forecast

AUD/USD Fundamental Analysis October 24, 2012 Forecast

Analysis and Recommendation:

The AUD/USD is trading at 1.0317 keeping in step with its neighbors. The pair is trading flat this morning. Markets have been devoid of eco data or calendar events. This morning the only data is the CB leading index which reported in at -.08%, having little affect on the currency. The NZD is also flat today. The USD was trading higher as the US economy has shifted back into recovery mode after stalling in the spring. Traders will wait for this week’s FOMC meeting and its assessment of the US economy.

The next focus is Australia’s Q3 inflation report due Wednesday. Forecasts centered on a tame reading of 2.2 percent for underlying inflation, at the bottom end of the Reserve Bank of Australia’s 2-3 percent target.

The market was also waiting for HSBC’s latest report on China’s manufacturing sector due after midday on Wednesday.  Any signs that the slowdown in the world’s second biggest economy has bottomed out will be positive for risk appetite as well as for the antipodean currencies. China is a major export market for Australia and New Zealand.

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Economic Data October 23, 2012 actual v. forecast

Date

 

Currency

 

 

Event

Actual

Previous

 

 

Oct. 23

 

AUD

 

 

CB Leading Index (MoM) 

-0.8%

0.0% 

  

 

Upcoming Economic Events that affect the AUD, NZD, JPY and USD

Date

Time

Currency

Event

Forecast

Previous

Oct. 24

01:30

AUD

CPI (QoQ) 

1.1%

0.5%

 

01:30

AUD

Trimmed Mean CPI (QoQ) 

0.6%

0.5%

 

02:45

CNY

Chinese HSBC Manufacturing PMI 

 

47.90

 

15:00

USD

New Home Sales

385K

373K

 

21:00

NZD

Interest Rate Decision 

2.50%

2.50%

Oct. 25 

22:45

NZD

Trade Balance 

-825M

-789M

Oct. 26 

00:30

JPY

Tokyo Core CPI (YoY) 

-0.5%

-0.4%

Government Bond Auction

Date Time Country 

Oct 24 09:10 Sweden 

Oct 24 09:30 Germany 

Oct 24 14:30 Sweden 

Oct 24 15:30 Italy  

Oct 24 16:30 US 

Oct 25 00:30 Japan 

Oct 25 09:10 Sweden 

Oct 25 15:30 Italy  

Oct 25 17:00 US 

Oct 26 09:10 Italy

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About:FX Empire Analyst - Barry Norman

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