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AUD: Activity in Australian Dollar is fading away
At the Forex currency market the Australian Dollar rate is traded sluggishly upward at the end of the week as activity in high risky currencies is decreasing at the end of the week.
Forex forecast: MACD indicator for the pair AUD/USD is going up in the positive area, giving a buy signal. Stochastic Oscillator has come into overbought zone and maintains a buy signal.
Forex recommendations: in case of breakdown at the level of 1.0425, the pair will go to 1.0430 and 1.0450.
Statistics released on Friday showed that Australian price index for import increased by 2.5% q/q in Q4against zero change in Q3. However, the AUD has ignored this data, as investors' risk appetite is the main catalyst currently; however investors keep looking back at external background and situation in Eurozone.
Employment rate in November fell by 7.6 thousand against initial estimate of -6.3 thousand. At the same time, unemployment rate remained at the previous level of 5.3%. We would remind that economists expected the rise of jobs by 10 thousand. The index clearly reflectsthe impact of the European debt crisis on Australian economy.
According to the estimates of the government, last 12 months were the worst for the labour market over the last20 years, as the sector has been weakening since the last six month of 2011.
Consumer sentiment index Westpac-MI fell to 94.7 points, -8.3% m/m in December against the value of 103.4 points in November. Business confidence index NAB in Australia increased to 1 point in November against zero level in October. According to the data released earlier, business activity index AiG in the service sector of Australia increased to49.0 points in November against the level of 47.7 points in October. In addition, trade balance amounted to +?$1.38billion in November against expectations of +?$2.0billion. Statistics released earlier showed that mortgage lending in Australian creased by 1.4% m/m in November against the growth of 0.8% in October. Number of permits to construct increased by 8.4% m/m (-10.0% y/y). The rise of 7% had been predicted. Retail sales showed zero change in November against the growth of 0.2% m/m in October.
