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AUD/USD Daily Forecast – 23 December

Tuesday, Dec 22 2015

The Aussie was up yesterday, putting further distance between a one-month low of $0.7097 hit last week after the Fed's rate hike shored up the U.S. currency. Hurt by factors including an economic slowdown in China, Australia's chief trading partner, and decline in prices of commodities such as iron ore, the Aussie was on track to lose 12 percent against the dollar in 2015.

Meanwhile the Australian dollar found additional support "after base metal and non-oil industrial commodity prices lifted in response to statements by the Chinese government to stimulate the economy and not let it slow too much," Chief Currency Strategist at the Commonwealth Bank of Australia, Richard Grace, said. Elsewhere, People’s Bank of China (PBOC) set yuan reference rate at 6.4746. Yesterday's close was 6.4808, while yesterday's mid point was set at 6.4753. People’s Bank of China injected 30 billion yuan through 7-day reverse repos.

 

In the US session GDP and Existing Home Sales figures were released. US GDP increased at an annual rate of 2.0% in the third quarter of 2015, according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.9%. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.1%. 

 

Total existing-home sales fell 10.5% to a seasonally adjusted annual rate of 4.76 million in November (lowest since April 2014 at 4.75 million) from a downwardly revised 5.32 million in October. Analysts were anticipating rate of 5.36 million. After last month's decline (largest since July 2010 at 22.5 percent), sales are now 3.8% below a year ago — the first year-over-year decrease since September 2014.

 

With no major data releases from Australia tomorrow, we can expect a bit a steadier morning part of the session. In the US session Durable Goods Orders and New Home Sales figures are scheduled for a release. Durable Goods are expected to decrease by 0.6%, while New Home Sales should show rise annual rate of 507,000.

 

Figures to watch:

 

Durable Goods Orders (Wednesday 14:30)

New Home Sales (Wednesday 16:00)

More in this category: « EUR/USD Daily Forecast – 22 December GBP/USD Daily Forecast – 23 December »

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