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AUD: Sale of Australian Dollar has begun
At the Forex currency market the Australian Dollar rate is traded downward on Thursday in response low interest in risk at the market.
Forex forecast: MACD indicator for the pair AUD/USD has returned to the position below the signal line on the side of the negative zone and is not giving a clear signal.Stochastic Oscillator is moving sideways into overbought zone and is not givinga clear signal either.
Forex recommendations: in case of breakdownat the level of 1.0320, the pair will go to 1.0300 and 1.0280.
According to statistics released this morning, business activity index AiG in the service sector of Australia rose to 49.0 points in November against the level of 47.7points in October. In addition, trade balance amounted to +?$1.38 billion againstexpectations of +?$2.0 billion.
In the result of mixed statistics, the AUD is affected by external background where risk aversion is increasing.
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 inNovember against zero level in October. This data is positive at the moment ascurrent conditions have stabilized; however levels of business confidence arestill unvaried. It became known earlier that trade balance in Australia fell to+A$1.60 billion in October against expectations of +A$2.0 billion. Slump in theglobal demand has played its part here as well.
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 the theincrease of jobs by 10 thousand. The indicator reflects the impact of Europeandebt problems on the Australian economy. Retail sales in Australia increased tothe minimum value of +0.2% m/m over 4 months in October. In September the indexrose by 0.4%, and by 0.6% in August. It became known earlier that privatesector lending in Australia increased by 0.3% m/m (+3.5% y/y) in Novemberagainst the growth of 0.2% m/m in October. It was noted by Australian CentralBank last week, that the country has been fighting against repercussions ofEuropean debt crisis with the help of investment boom: minutes of the lastmeeting of the Reserve Bank of Australia showed that there is no urgent need atthe moment in lowering rate and current steps directed to ease monetary policyis sufficient to support economy.
Observers believe that lowering of the rateby RBA in December was just a safe guard against external negative factors.
