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AUD/USD Daily Forecast – 27 November

Thursday, Nov 26 2015

From Australia, yesterday, Private Capital Expenditure figures were released. Australian firms scaled back investment spending by 9.2% in the third quarter from the second, a much steeper drop than the 2.9% fall economists had been expecting. In the year through September, total new capital expenditure fell by 20.0%, according to the government statistician Thursday. Australia's economy continues to be met by a headwind of falling mining investment as a once in a century mining boom fades. The downturn in investment is expected to last for as long as another two years, leaving GDP growth sluggish. The central bank has cut interest rates to record levels to support growth in the non-mining economy.

Also, developments in China are being monitored. Fitch Ratings has affirmed China's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'A+' with a Stable Outlook. The issue ratings on China's senior unsecured local-currency bonds are also affirmed at 'A+'. The Country Ceiling is affirmed at 'A+' and the Short-Term Foreign-Currency IDR at 'F1'. China's ratings balance a strong sovereign balance sheet and sustained high GDP growth against high sovereign contingent liabilities and a range of structural weaknesses and risks.

 

With no major data releases both from Australia and USA tomorrow, and with Thanksgiving holiday extending to tomorrow's session as well, we expect a bit steadier session though we would keep an eye on developments in China and gold prices.

More in this category: « EUR/USD Daily Forecast – 26 November GBP/USD Daily Forecast – 27 November »

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