AUD/USD Fundamental Analysis – November 23, 2015 – Forecast

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Published: Nov 20, 2015, 04:57 UTC

Analysis and Recommendation: The AUD/USD was flat in the morning session as the greenback regained its momentum. The Aussie is trading at 0.7195. The

AUD/USD Fundamental Analysis – November 23, 2015 – Forecast

Analysis and Recommendation:

The AUD/USD was flat in the morning session as the greenback regained its momentum. The Aussie is trading at 0.7195. The Australian dollar has surged to a two-week high, continuing its underdog rally, but the unexpected gains in the currency may not be over, says Saxo Bank chief economist Steen Jakobsen.

The Aussie pushed above US72¢ on Friday, on track for a weekly 1 per cent gain, despite another slip in the iron ore price and rising expectations the US Federal Reserve will finally start lifting interest rates at its meeting next month.

The Aussie rally has been remarkable this week when you consider that iron ore has continued to crash, that copper marked another 6-year low and is now down under $2.10 a pound, and oil is sitting just above the $40 a barrel level.

While the rally is partly about the US dollar, for the most part it seems that investors are re-appraising the universal bearishness that they held for the Aussie dollar just a few weeks ago. That’s if the research and comment slipping through my inbox and Twitter feed is any indication.

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		BoJ Monthly Report

Upcoming Economic Events that you should be monitoring:

Monday, November 23, 2015

Cur.	Event	Actual	Forecast	Previous
	Japan – Labour Thanksgiving Day
EUR	German Manufacturing PMI (Nov)		52.1	52.1
EUR	German Services PMI (Nov)		54.3	54.5
EUR	Manufacturing PMI (Nov)		52.3	52.3
EUR	Markit Composite PMI (Nov)			53.9
EUR	Services PMI (Nov)		54.0	54.1
EUR	Eurogroup Meetings
USD	Manufacturing PMI (Nov)			54.1
USD	Existing Home Sales (Oct)		5.44M	5.55M
USD	Existing Home Sales (MoM) (Oct)			4.7%