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AUD/USD Daily Forecast – 08 June

Wednesday, Jun 07 2017
AUD/USD Daily Forecast – 08 June

Focus of the yesterday's session was on Australian GDP figures. Australian economic growth slowed sharply in the first three months of the year, leaving the annual pace of growth at the weakest level since late 2009, the tail end of the global financial crisis. According to the ABS, GDP expanded by 0.3% in the March quarter in seasonally adjusted chain volume terms, seeing the year-on-year increase slow to just 1.7%, the weakest expansion since the September quarter of 2009.

In the US session Crude Oil Inventories data was published.  Oil prices dropped Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies rose by 3.3 million barrels for the week ended June 2. The unexpected rise marked the first weekly increase in nine weeks.  The American Petroleum Institute late Tuesday reported a drop of 4.6 million barrels, while analysts polled by S&P Global Platts forecast a fall of 3.5 million barrels. Gasoline stockpiles also climbed by 3.3 million barrels, while distillate stockpiles were up 4.4 million barrels last week, according to the EIA.

 

Tomorrow, from Australia, Trade Balance report will be published. Increase in surplus to $336 billion is anticipated. In the US session Unemployment Claims figures will be released. Analysts anticipate decrease to 241,000.

 

Figures to watch:

 

Trade Balance (Thursday 3:30)

Unemployment Claims (Thursday 14:30)

More in this category: « Crude Oil Inventories climb to 3.3 million Australian trade balance surplus decreased to $0.56 billion »

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