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AUD/USD Daily Forecast – 01 December

Monday, Nov 30 2015

From Australia, Company Operating Profits data was released yesterday. The seasonally adjusted estimate for company gross operating profits rose 1.3% in the September quarter 2015. Analysts were anticipating 1.1% increase. The seasonally adjusted estimate for wages and salaries rose 1.0% in the September quarter 2015.The trend estimate for inventories rose 0.2% in the September quarter 2015. The seasonally adjusted estimate rose 0.1% this quarter. 

In the US session Chicago PMI and Pending Home Sales figures. The Chicago Business Barometer decreased 7.5 points to 48.7 in November from 56.2 in October, as a sharp fall in New Orders put it back into contraction for the sixth time this year. Smaller decrease to 54.3 was anticipated. The significant decline in the Barometer is indicative of the see-saw pattern of demand seen in 2015, with output and orders shifting in and out of contraction. The November fall also suggests that activity over the final quarter of the year may well decelerate barring a bounceback in December.

 

The Pending Home Sales Index, inched 0.2% to 107.7 in October from an upwardly revised 107.5 in September and is now 3.9 percent above October 2014 (103.7). Increase by 1.6% was predicted. The index has increased year-over-year for 14 consecutive months.

 

From Australia, tomorrow, Building Approvals and Current Account figures are scheduled for a release. While Building Approvals are expected to decrease by 2.4%, Current Account deficit should decrease to $16.6 billion. Also, from China both official and Caixin Manufacturing PMI data will be published. However, both reports should now change compared to the the last month.

 

Focus of the session will be on RBA rate decision and the following statement. Though no change in rate is forecasted, following statement should bring some volatility to the markets. US session will bring Manufacturing PMI figures. Decrease to 53.7 was anticipated.

 

Figures to watch:

 

Building Approvals (Tuesday 1:30)

Current Account (Tuesday 1:30)

Manufacturing PMI/Non-Manufacturing PMI (Tuesday 2:00)

Caixin Manufacturing PMI/Caixin Services PMI (Tuesday 2:45)

RBA Cash Rate/Rate Statement (Tuesday 4:30)

ISM Manufacturing PMI (Tuesday 16:00)

More in this category: « EUR/USD Daily Forecast – 30 November GBP/USD Daily Forecast – 01 December »

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