Forex Blog
Blog-FX.Com

At the Forex currency market the Australian Dollar rate is traded downward on Monday, due to sluggish activity in the market caused by wait and see attitude of investors.

Forex forecast: MACD indicator for the pair AUD/USD is going up in the positive area, while volumes are high, and is giving a buy signal. Stochastic Oscillator remains in the 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 highly possible.

Statistics showed today that retail sales decreased by 0.1% m/m in December against the forecast of 0.2%. The AUD had made use of statistics and then stood still in uncertainty again: the currency has a potential for growth which is being held back now due to wait and seattitude in the market caused by Greek issue.

According to statistics released earlier, activity index in the manufacturing sector rose by 1.4% in January, up to 51.6points, as per AI GROUP estimates. Aggregate activity index Aig in the service sector increased to 51.9 points in January (+2.9 points) against growth of 1.3points a month earlier. The index has been growing for the third month in a row, while major growth in activity is related to households. Nevertheless, AiG noted in the comments that revival in the index took place only in three out of nine components of the index.

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. Consumer sentiment index Westpac-MI fell to94.7 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 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. Unemployment rate fell by 7.6 thousand in November against initial assessment 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.

Tags: