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AUD/USD Daily Forecast – 19 April

Monday, Apr 18 2016

There were no major data releases from Australia yesterday. Commodity currencies slumped on Monday while the safe-haven yen soared after major oil producers failed to agree on an output freeze, sending oil prices tumbling anew. A plan for OPEC and non-OPEC producers deal to freeze oil production fell apart on Sunday after Saudi Arabia demanded that Iran join in, despite calls on Riyadh to save the agreement and help prop up crude prices. "There was some speculation ahead of this weekend's summit that an agreement to freeze crude oil production could be reached," analysts at Commonwealth Bank said.

Separate report on New Motor Vehicle Sales showed 2.2% increase in seasonally adjusted terms. The March 2016 trend estimate (98 564) increased by 0.1% when compared with February 2016. When comparing national trend estimates for March 2016 with February 2016, sales of Passenger vehicles decreased by 0.9% and Sports utility and Other vehicles increased by 0.2% and 1.8% respectively.

 

Tomorrow's session will bring RBA Meeting Minutes, which could bring a bit volatility to the markets. In the US session Building Permits and Housing Starts figures will be released. Analysts are predicting no significant change.

 

Figures to watch:

 

Monetary Policy Meeting Minutes (Tuesday 3:30)

Building Permits/Housing Starts (Tuesday 14:30)

More in this category: « EUR/USD Daily Forecast – 18 April GBP/USD Daily Forecast – 19 April »

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