Analysis and Recommendation: The AUD/USD continues to decline as markets shift to risk aversion and dump commodity currencies. The US dollar adds to gains
The AUD/USD continues to decline as markets shift to risk aversion and dump commodity currencies. The US dollar adds to gains as safe haven trades push the dollar to recent highs. The pair is trading at 1.0367. Australia remains on holiday along with the UK and Canada to celebrate Boxing Day.
The Aussie has fallen as the prospect of an agreement to avert scheduled spending cuts and tax increases in the United States becomes less likely.
On Friday, US politicians failed to reach an agreement on a plan to increase taxes for those earning more than $US1 million. Talks are continuing to come up with measures to avoid the so-called fiscal cliff – a series of tax hikes and spending cuts which will begin from January 1. Trading will be very light ahead of the New Year holiday. US lawmakers will return to their offices on Thursday so we may some see volatility in the markets but nothing much is expected this week.
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 26, 2012 actual v. forecast
Markets were closed on Christmas day and there were no economic releases or major data reports.
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
Date |
Time |
Currency |
Event |
Forecast |
Previous |
Dec. 27 |
13:30 |
USD |
360K |
361K |
|
|
13:30 |
USD |
3200K |
3225K |
|
|
15:00 |
USD |
70.5 |
73.7 |
|
|
15:00 |
USD |
382K |
368K |
|
|
23:30 |
JPY |
-0.5% |
-0.5% |
|
|
23:50 |
JPY |
-0.5% |
1.6% |
|
|
23:50 |
JPY |
1.1% |
-1.2% |
Government Bond Auction
Date Time Country
Dec 27 10:10 Italy
Dec 28 10:10 Italy