Analysis and Recommendation: The AUD/USD tumbled 61 points to 0.7178 offsetting a great deal of last week’s rally, as the US dollar climbed and growth in
The AUD/USD tumbled 61 points to 0.7178 offsetting a great deal of last week’s rally, as the US dollar climbed and growth in China sparked worries in the markets. Asia may be quieter at the start of the week due to a Japanese holiday today. Later this week, Japan has employment and inflation data.
The Reserve Bank of Australia governor Glenn Stevens is scheduled to speak to the Australian Business Economists annual dinner tomorrow, while assistant governor Guy Debelle speaks in London the following day at an FX Week Europe conference. Australia has data on construction and capital spending this week.
Westpac senior currency strategist Sean Callow said the Australian dollar was one of the best performing major currencies last week. “This was despite the weakness in iron ore prices,” he said.
“Merger and acquisition inflows to Australia may be a supportive factor for the Australian dollar, with numerous deals on the wires lately.”
Meanwhile, fresh figures showed spending growth is staying at solid levels in the lead-up to Christmas.
In October, spending rose 0.5 per cent, slower than the bumper 3.3 per cent increase in September, the Commonwealth Bank’s seasonally adjusted business sales indicator showed. But the annual sales growth rate of 7.4 per cent was still above the long-term trend. Consumer staples were up 1.69 per cent as a sector.
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:
Event |
Actual |
Forecast |
Previous |
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Holiday |
Japan – Labour Thanksgiving Day |
Upcoming Economic Events that you should be monitoring:
Tuesday, November 24, 2015
Cur. |
Event |
Actual |
Forecast |
Previous |
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EUR |
German GDP (QoQ) (Q3) |
|
0.3% |
0.3% |
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EUR |
German GDP (YoY) (Q3) |
|
1.8% |
1.8% |
|
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EUR |
German Business Expectations (Nov) |
|
104.0 |
103.8 |
|
||
EUR |
German Current Assessment (Nov) |
|
112.4 |
112.6 |
|
||
EUR |
German Ifo Business Climate Index ( |
|
108.2 |
108.2 |
|
||
USD |
GDP (QoQ) (Q3) |
|
2.0% |
1.5% |
|
||
USD |
GDP Price Index (QoQ) (Q3) |
|
1.2% |
1.2% |
|
||
USD |
Goods Trade Balance (Oct) |
|
|
-58.63B |
|
||
USD |
S&P/CS HPI Composite – 20 n.s.a. |
|
5.2% |
5.1% |
|
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USD |
CB Consumer Confidence (Nov) |
|
99.5 |
97.6 |
Government Bond Auctions
Date Time Country
Nov 23 12:00 Belgium Auctions OLOs
Nov 23 N/A US Holds 2-year note auction
Nov 24 17:30 Italy Announces details of BTPs/CCTeu on 27 Nov
Nov 24 N/A Holland Eur 1.0-2.0bn 0.25% Jul 2025 DSL
Nov 24 N/A US Holds 5-year note auction
Nov 25 11:03 Sweden Holds bond auction
Nov 25 11:10 Italy Auctions CTZ/BTPei
Nov 25 11:30 Germany Eur 3bn 1.0% Aug 2025 Bund
Nov 25 N/A US Holds 2-year FRN auction
Nov 25 N/A US Holds 7-year note auction
Nov 26 11:03 Sweden Holds bond auction
Nov 27 11:03 Sweden Holds bond auction
Nov 27 11:10 Italy Auctions BTPs/CCTeus