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AUD/USD Daily Forecast – 03 May

Monday, May 02 2016

From Australia, on Monday, NAB Business Confidence data was released. “Even though business conditions eased this month, they have remained well above average levels for the past year”, said Alan Oster, Chief Economist. According to Mr Oster, “with consistently good results like these from our survey it is difficult not to have a degree of confidence in the near-term outlook”. Business confidence was somewhat resilient to the fall in conditions, but ebbed lower in the month. The confidence index eased 1 point to +5 index points in April, but this was marginally below the long-run average for the series. According to Mr Oster, “confidence remains crucial to the outlook, but this was still a reasonable outcome given the added uncertainties around the global economy and the upcoming Federal Budget and election”.

In the US session Manufacturing PMI figures were released. The April PMI registered 50.8 percent, a decrease of 1 percentage point from the March reading of 51.8 percent. Manufacturing registered growth in April for the second consecutive month, as 15 of our 18 industries reported an increase in new orders in April (up from 13 in March), and 15 of our 18 industries reported an increase in production in April (up from 12 in March).

 

From Australia, on Tuesday, Building Approvals data is scheduled for a release. Analysts are predicting decrease by 1.8%. From China, Manufacturing PMI figures will be published. No change is forecasted. However, the focus of the session will be on RBA rate decision and the following statement, which should bring a lot of volatility to the markets.

 

Figures to watch:

 

Building Approvals (Tuesday 3:30)

Caixin Manufacturing PMI (Tuesday 3:45)

Cash Rate/RBA Rate Statement (Tuesday 6:30)

More in this category: « EUR/USD Daily Forecast – 02 May GBP/USD Daily Forecast – 03 May »

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