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• Rouble is losing positions again in pairing with USD and EUR [11/10/2011]
• NZD: New Zealand Dollar is descending [11/10/2011]
• AUD: sales of Australian Dollar do not subside [11/10/2011]
• JPY: Japanese Yen remains in the narrow trade range [11/10/2011]

AUD: Ascending trend for the Australian Dollar continues for the seventh session

At the Forex currency market the Australian Dollar rate continues to grow steadily amid high oil prices and tranquil external environment. Australian trading floors are closed today.

Forex forecast: MACD indicator is in the positive area and continues to go up (look at the straight line on the graph), which confirms previous buy signals for the pair AUD/USD. Stochastic Oscillator is still in the overbought zone today.

Forex recommendations: if current developments will be maintained, buyers’ targets for the pair will be the levels of 1.0105 and 1.0145 on Tuesday.

As trading floors are closed in Australia due to the Catholic Christmas celebrations, macro-economic data had not been published.
As trading floors in Australia are still closed on Tuesday, due to Catholic Christmas celebrations, macro-economic news was not released.

The minutes of the RBA meeting of 7 December which were made public earlier, showed that the rate was left unchanged, since the regulator believes that current situation can be described as moderately restrictive, because consumers are cautious, while inflation pressure does not intensify. The interest rate in Australia is now at the level of 4.75% per annum. The document reported that households might continue to rein in spending and in this case it will lead to the short term rise in inflation and also to the lack of aggregate demand in economy.

Statistics released earlier showed that GDP in Australia increased by 0.2% on quarterly basis in QIII; while analytics had expected the rise by 0.5%; the growth over last quarter positioned as the lowest over the last two years, therefore GDP dynamics seems to be descending. It became known earlier that retail sales in October amounted to-1.1% m/m against +0.1% in September and trade balance surplus in October was $2.625 billion. It also became known earlier that current account balance amounted to -?$7.83 billion in QIII against the forecast of -?$6.60 billion.

The rise in the AUD seems as normal; however we should not forget that market is thin and currencies’ movement is unpredictable.

 

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