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AUD/USD Daily Forecast - 27 January

Monday, Jan 26 2015

Aussie continued its downtrend and is now stable below 0.80 handle with a possibility of further decline all the way to 0.75 cents per USD in the next several weeks, what is the level RBA was opting for some time know. Also, there is a lot of speculation that the Reserve Bank of Australia will need to cut interest rates to a new record low from the present 2.5% where the central bank’s policy-setting board has held rates since August 2013. Australia has been struggling with the slowdown in China's economic growth, which buys more than 35% of its exports.

On the other hand USD could strengthen further as analysts are anticipating interest rate hike quite soon, with eyes on FOMC Meeting this week. Labour market conditions have been showing signs of constant improvement in the past few months, while GDP has grown by 5.0% in the third quarter.

 

Tuesday will bring NAB Business Confidence data from Australia. After last month's decline analysts are hoping for a better reading this month. US session will be marked by Durable Goods Orders, CB Consumer Confidence and New Home Sales figures. Analysts predict 0.6% rise both in Durable and Core Durable Goods Orders. Increase is also expected in consumer confidence data to 95.3. New Home Sales are predicted to show a figure of 452,000.

 

Figures to watch:

 

NAB Business Confidence (Tuesday 1:30)

Durable Goods Orders /Core Durable Goods Orders (Tuesday 14:30)

CB Consumer Confidence (Tuesday 16:00)

New Home Sales (Tuesday 16:00)

More in this category: « EUR/USD Daily Forecast - 26 January GBP/USD Daily Forecast - 27 January »

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