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There were no major data releases from Australia yesterday. The Australian dollar was offered support in Friday's offshore trade from gains in commodities, excluding oil, and the generally softer U.S. dollar which fell in line with U.S. stocks, National Australia Bank global co-head of FX strategy Ray Attrill said in his morning note.

For the first time in years Glenn Stevens probably won’t be asking for a weaker Australian dollar for Christmas. “I suspect Governor Stevens will be quietly pleased to see the fall in the Aussie after the FOMC, given how many times he must have been warned that the hike was factored into the Aussie already,” said Sean Callow, a foreign-exchange strategist in Sydney at Westpac Banking Corp.

 

“It seems the period of jawboning is behind us. He seems willing to trust the markets to resume selling Aussie if commodities remain weak.” The boost from a weaker currency is increasingly important for Australia’s economy as sliding commodity prices hurt corporate and government revenues at a time when the RBA is seen by some analysts as reluctant to lower its benchmark rate from a record low.

 

There will be no major data releases from Australia tomorrow, but we would still monitor commodity prices. In the US session Final GDP and Existing Home Sales figures are scheduled for a release. Analysts are forecasting 1.9% increase in GDP, while Existing Home Sales should show annual level of 5.32 million.

 

Figures to watch:

 

Final GDP (Tuesday 14:30)

Existing Home Sales (Tuesday 16:00)

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