AUD/USD Daily Forecast - 30 December

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Monday, Dec 29 2014

It was another uneventful yesterday's morning part of the session with no data releases from Australia. Though, Aussie is trying to break higher it remains under pressure due to decline in iron ore prices. Gold markets, though somewhat supported by holiday jewelry shopping, are still soft.

Also, after recent weak Australian economic data with GDP growth of only 0.3% in third quarter, decline in fuel prices could spur consumer spending, especially after Boxing Day, when holiday sales began. Fuel prices have fallen to the lowest point in four years, giving consumers something to be cheerful about following a run of bad economic news.

There will be no data releases from Australia tomorrow as well, so we can expect a steadier morning part of the session, though we would pay attention to iron ore prices. In the US part of the session CB Consumer Confidence figures will be released. Increase to 94.6 is anticipated.

Figures to watch:

CB Consumer Confidence (Tuesday 16:00)

More in this category: « EUR/USD Daily Forecast - 29 December GBP/USD Daily Forecast - 30 December »

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