AUD/USD Daily Forecast - 22 December

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Friday, Dec 19 2014

It was an uneventful Friday's session for Aussie as there were no major data releases from Australia. Aussie continues being traded lower due to several factors. First of them RBA's wish for lower exchange rates that would spur economic growth. Latest GDP figures show that economic growth is needful for Australia, as GDP grew by only 0.3% in third quarter far from expectations.

On the other side, latest US labour market figures are showing stability and sustained growth,with analysts predicting soon interest rate hike. What is also putting Aussie under pressure are iron ore prices that slipped to fresh five and a half year-lows overnight, with Chinese buyers staying away amid hopes prices would drop further, especially if Beijing shuts a controversial steel export tax loophole in the New Year.

With no data releases from Australia whole next week we cannot expect much volatility on Monday. Decline in iron ore prices could have further negative impact on the Aussie as well as gold markets. In the US session Existing Home Sales figures are scheduled for a release. Analysts predict a figures of around 5.21 million.

Figures to watch:

Existing Home Sales (Monday 16:00)

More in this category: « EUR/USD Daily Forecast - 19 December GBP/USD Daily Forecast - 22 December »

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