AUD/USD Fundamental Analysis – November 16, 2015 – Forecast

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Published: Nov 13, 2015, 04:53 UTC

Analysis and Recommendation: The AUD/USD added 4 points remaining in the green ever since the release of an outstanding jobs report on Thursday. The pair

AUD/USD Fundamental Analysis – November 16, 2015 – Forecast

Analysis and Recommendation:

The AUD/USD added 4 points remaining in the green ever since the release of an outstanding jobs report on Thursday. The pair is trading at 0.7130. Despite weakness across the commodities complex, especially in crude and iron ore, the Australian dollar managed to cling onto most of its post jobs gains overnight, trading in a relatively large range between .7083 to .7151.

The resilience in AUD reflects yesterday’s strong Australian October employment report, and subsequent adjustment in RBA interest rate expectations. Overall, the labour market developments are consistent with the RBA’s view that Australia’s unemployment rate may have peaked and further reduces the risk of more RBA rate cuts.

Oil prices sank overnight after the US government reported a big jump in US crude-oil inventories, reinforcing worries about the long-running global oversupply.

Broad declines in commodity markets weighed on global risk sentiment, driving the Aussie slightly lower, ANZ economists said.

The Australian dollar was on track on Friday to post a 1 per cent weekly gain, displaying remarkable resilience amid a commodity tumble and growing speculation of a Federal Reserve interest rate hike next month.

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
JPY	Industrial Production (MoM) (Sep)	1.1%	1.0%	1.0%
JPY	Tertiary Industry Activity Index (MoM)		0.2%	0.1%

Upcoming Economic Events that you should be monitoring:

Monday, November 16, 2015

Cur.	Event	Actual	Forecast	Previous
NZD	Retail Sales (QoQ) (Q3)			0.1%
JPY	GDP (QoQ) (Q3)		-0.1%	-0.3%
JPY	GDP (YoY) (Q3)		-0.2%	-1.2%
EUR	Core CPI (YoY) (Oct)			0.9%
EUR	CPI (YoY) (Oct)
EUR	CPI (MoM) (Oct)		0.1%	0.2%
USD	NY Empire State Manufacturing Index		-5.00	-11.36