Forex Blog
Blog-FX.Com

• 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: Australian Dollar is steadily approaching parity

At the Forex currency market the growth of the Australian Dollar rate which started earlier still continues.

It is interesting that at the Asian session the AUD fell down in the thin market; signals were multidirectional. By mid-afternoon the AUD came into the positive area.

Forex forecast: MACD indicator is in the positive area for the pair AUD/USD and it goes up confirming a pair buy signal. Stochastic Oscillator is giving a similar signal, approaching overbought zone.

Forex recommendations: if bullish sentiments for the pair will be maintained, buyers’ targets will be the levels of 1.0015 ? 1.0045/50. Otherwise, consolidation close to the current levels will continue.

External background is tranquil for Australia today; macro-economic news will not be published.
The minutes of the RBA meeting of 7 December which were made public yesterday, 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 rise in inflation in short term and also to the lack of aggregate demand in economy.

In general monetary policy according to RBA estimates can be regarded as moderately restrictive.

We would remind that according to the statistics released earlier, 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.

 

[More]
Tags:
Tags Cloud: dating forexm eur minimum broker account prospects leaving analyzing executed owned products