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AUD: Australian Dollar does not lose chances to grow
At the Forex currency market the Australian Dollar rate is traded slightly upward on Thursday; however mixed sentiments in the market prevented the AUD from further strengthening. Yesterday's Chinese statistics was of great support
Forex forecast: MACD indicator for the pair AUD/USD is going up in the positive area, while volumes are high, which gives a buy signal. Stochastic Oscillator has come back to overbought zone and is giving a similar signal.
Forex recommendations: in case of breakdown at the level of 1.0720, the pair will go to 1.0730 and 1.0750. Correction is possible.
According to Australian monetary politician Mr. Swan, strong Australian Dollar represents real threat to the local exporters and their income. Note that today the rate of the pair AUD/USD has reached the highs of August 2011.
Statistics released today showed that activity index in the manufacturing sector of Australia rose by 1.4% in January, to 51.6 points, as per AI GROUP estimates.
Leading indicators index CB in Australia decreased by 0.3% in November against the fall of 0.6% earlier. Import price index increased by 2.5% q/q in Q4 against zero change in Q3. Meanwhile, private sector lending rose by 0.3% in December, the same as in November. Inflation in the country showed zero growth in Q4 against the forecast of growth of 0.4% on quarterly basis. Parts of report are interesting: core inflation rose to 2.6% in the previous quarter, exceeding average target of RBA by 2-3%. Market believes that probability is 50% now, that at the next meeting the Bank of Japan will reduce interest rate to 4%. At the end of last year, in November and December, the RBA reduced the rate twice.
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. 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.
