AUD/USD Daily Forecast – 30 December

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Tuesday, Dec 29 2015

There were no data releases from Australia yesterday, with focus on developments in China. While a slowdown in China continues to hurt exporters, signs that the world's second-biggest economy is stabilising and increased clarity on the timing for US rate increases are bolstering speculation that commodities will rebound from their worst year since 2008. Crude, grains and soy are all expected to rise next year, even as precious metals such as gold slip or stay little changed.

In the US session CB Consumer Confidence figures were released. The Conference Board Consumer Confidence Index, which had decreased moderately in November, improved in December. The Index now stands at 96.5 (1985=100), up from 92.6 in November. Analysts were anticipating smaller increase to 93.6. The Present Situation Index increased from 110.9 last month to 115.3 in December, while the Expectations Index improved to 83.9 from 80.4 in November.

With no major data releases from Australia tomorrow, we would pay attention to commodity prices. In the US session Pending Home Sales figures are scheduled for a release. Analysts are predicting 0.6% increase.

Figures to watch:

Pending Home Sales

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