Analysis and Recommendation: The AUD/USD declined in early trading dipping 17pts as the commodity currencies seem to be wavering. The AUD is trading at
Analysis and Recommendation:
The AUD/USD declined in early trading dipping 17pts as the commodity currencies seem to be wavering. The AUD is trading at 1.0516. Positive indicators in Europe had boosted the region’s currency, driving the Australian dollar down. Yesterday, Standard and Poor’s increased Greece’s credit rating by 6 notches, support the euro. The US dollar is weak against the euro as traders move from the greenback to more risk assets. Equities seem to be the benefactor after pushing commodity currencies to high.
Reserve Bank of Australia governor Glenn Stevens cast a pall over the Australian dollar when he told the Australian Financial Review there might not be an easy handover from mining to other industries as the resources sector slows down.
US leaders have less than two weeks to agree on measures to avoid the fiscal cliff – a series of tax rises and spending cuts due to automatically come into effect early next year. Republican house speaker John Boehner announced a “Plan B” budget plan that would see tax rises for people earning more than $US1 million.
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 December 19, 2012 actual v. forecast
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
Dec. 19 |
|
NZD |
|
|
Current Account |
-4.42B |
|
-4.40B |
|
-1.80B |
|
|
|
|
AUD |
|
|
MI Leading Index (MoM) |
0.1% |
|
|
|
0.7% |
|
|
|
|
JPY |
|
|
Trade Balance |
-0.87T |
|
-0.81T |
|
-0.62T |
|
|
|
|
JPY |
|
|
All Industries Activity Index |
0.2% |
|
0.4% |
|
-0.4% |
|
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
|
|
NZD |
|
|
GDP (QoQ) |
|
|
0.4% |
|
0.6% |
|
|
|
|
NZD |
|
|
Business Confidence |
|
|
|
|
26.40 |
|
|
|
|
AUD |
|
|
RBA Bulletin |
|
|
|
|
|
|
|
|
|
JPY |
|
|
Interest Rate Decision |
|
|
0.10% |
|
0.10% |
|
Government Bond Auction
Date Time Country
Dec 20 10:30 UK
Dec 20 16:30 Italy
Dec 20 18:00 US
Dec 21 16:30 Italy