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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: Australian Dollar rate makes no headway in the absence of catalyst

At the Forex currency market the Australian Dollar rate goes down slightly on Friday; however volumes for the pair AUD/USD have not increased in the absence of the most traders from the countries where Catholic Christmas is celebrated.

Forex forecast: MACD indicator is in the positive area for the pair AUD/USD and continues to grow, confirming a previous buy signal for the pair. Stochastic Oscillator is still in the overbought zone and is not giving a clear signal.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 1.0045 the pair will go to 1.0075 and 1.0100. If the level of 1.0015 is exceeded, traders’ targets will be the levels of 1.0000 and 0.9985.

In general, the situation in Australian economy remains unchanged.

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 rise in inflation in short term 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.
 

 

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