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AUD/USD Daily Forecast – 09 May

Friday, May 06 2016

Focus of the Friday's session was on RBA Monetary Policy Statement.."After previously forecasting that underlying inflation would be 2.0% this year and around 2.5% next year, the RBA has concluded that it will stay at 1.5% in the second quarter and will stay below 2% all of next year. Part of the downward revision is due to the fact that underlying inflation fell much further than the RBA expected in the first quarter. But the Bank has also concluded that wage growth will remain lower for longer. The clear implication is that monetary policy will need to do more to boost underlying inflation. Tuesday's 0.25% rate cut to 1.75% will probably be followed by another cut in August."

In the US session NFP figures were released. Total nonfarm payroll employment increased by 160,000 in April. Analysts were predicting increase by 205,000. Over the prior 12 months, employment growth had averaged 232,000 per month. In April, employment gains occurred in professional and business services, health care, and financial activities, while mining continued to lose jobs. Unemployment rate remain stable at 5.0%. In April, average hourly earnings for all employees on private nonfarm payrolls increased by 8 cents to $25.53, following an increase of 6 cents in March.

 

There will be no major data releases both from Australia and USA on Monday, so we can expect a bit steadier beginning of the week.

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