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AUD: Australian Dollar tends to go upward
At the Forex currency market the Australian Dollar rate continues to tend upward at the end of the week, the rise in the pair AUD/USD has been going on for the fifth session in a row.
Forex forecast: MACD indicator for the pair AUD/USD isgoing up in the positive area, giving a buy signal. Stochastic Oscillator isalso rising up in the neutral zone, also giving a buy signal.
Forex recommendations: In case of breakdown at the level of 1.0355, the pair will go to 1.0360 and 1.0380. Achance of profit taking is possible before the weekend.
Market is becoming interested in risky positions again and the AUD looks attractive among other similar currencies, taking into account stability of the local economy and positive outlook for 2012.
Macro-economic background in Australia is tranquil.
Unemployment rate increased to 5.3% in November against the forecast of 5.2%. Employment rate fell by 6 thousand against the growth of 16.8 thousand earlier. Economists expected thein crease of jobs by 10 thousand. The indicator reflects the impact of European debt problems on the Australian economy. It became known earlier that private sector lending in Australia increased by 0.3% m/m (+3.5% y/y) in Novemberagainst the growth of 0.2% m/m in October. Consumer sentiment index Westpac-MIfell to 94.7 points, -8.3% m/m in December against the value of 103.4 points inNovember. Business confidence index NAB in Australia increased to 1 point inNovember against zero level in October. According to the data released earlier,business activity index AiG in the service sector of Australia increased to49.0 points in November against the level of 47.7 points in October. Inaddition, trade balance amounted to +?$1.38billion in November against expectations of +?$2.0billion.
Statistics released today showedthat number of construction permits in Australia increased by 8.4% m/m (-10.0%y/y) in November. Expected rise had been of 7%. Retail sales showed a zero change in November against the growth of 0.2% m/m in October. In addition,sales of new houses HIA grew by 6.8% m/m in November against revised level of+2.8% m/m in October.
