AUD/USD Fundamental Analysis – August 6, 2015 – Forecast

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Published: Aug 5, 2015, 04:17 UTC

Analysis and Recommendation: The AUD/USD dipped 23 points in the morning session giving back gains from yesterday. The pair is trading at 0.7357 climbing

AUD/USD Fundamental Analysis – August 6, 2015 – Forecast

Analysis and Recommendation:

The AUD/USD dipped 23 points in the morning session giving back gains from yesterday. The pair is trading at 0.7357 climbing off its bottom below the 73 range after the RBA held rates and policy and maintained its current policy. The RBA outlook was a bit more positive than expected.

Investors had pushed the dollar to multiyear highs against other developed-market currencies earlier this year in the belief that the Fed would be the first major central bank to raise interest rates. Higher U.S. borrowing costs would draw yield-hungry investors to the greenback.

Next, investors anticipate that a strong U.S. jobs report for July, which will be released Friday, will move the Fed ever closer to raising interest rates from near zero. Mr. Lockhart mentioned that U.S. employment data have generated “positive signals.” Economists forecast that the U.S. added 215,000 jobs last month.

The Australian dollar has briefly surged beyond the 0.7400 mark for the first time in two weeks as investors eyed a less dovish policy statement from the Reserve Bank of Australia and rising commodity prices. The Australian dollar was also aided in local trade by news the RBA had removed an easing bias from its policy statement, reducing the likelihood of further rate cuts this year.

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.

Today’s economic releases:

Cur.		Event	Actual	Forecast	Previous
CNY		Caixin Services PMI (Jul)	53.8	52.2	51.8

Upcoming Economic Events that you should be monitoring:

Thursday, August 6, 2015

Cur.	Event	Actual	Forecast	Previous
AUD	Employment Change (Jul)		15.0K	7.3K
GBP	Manufacturing Production (Jun)		0.2%	-0.6%
GBP	BoE Inflation Report
GBP	Interest Rate Decision (Aug)		0.50%	0.50%
GBP	BoE MPC Meeting Minutes
GBP	BoE Gov Carney Speaks