AUD/USD Fundamental Analysis October 24, 2012 Forecast

Posted October 23, 2012 6:39 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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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

Barry produces a private Daily Market Review newsletter that is distributed around the globe to over 25,000 subscribers and recently published a book on Options Trading that is available from amazon.com

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