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AUD/USD Daily Forecast – 31 December

Wednesday, Dec 30 2015

There were no data releases from Australia yesterday morning with volatility still lacking. Analysts remain mixed on how the Australian and New Zealand dollars will perform in 2016. Some expect the two currencies to perform well next year based on previous performance, but others believe they are poised to slide if policy makers will push for cuts on interest rates to spur growth. “The recent out-performance in the Australian dollar in particular has been driven by some reassessment of the pace of easing from the RBA with pricing shifting from a near certain cut in 2015, to little chance of a cut for some time,” explained Daniel Been, a Sydney-based currency strategist at Australia & New Zealand Banking Group Ltd.

In the US session Pending Home Sales figures were released. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.9 percent to 106.9 in November from an upwardly revised 107.9 in October but is still 2.7 percent above November 2014 (104.1). Analysts were expecting increase 0.6% increase. Although the index has increased year-over-year for 15 consecutive months, last month's annual gain was the smallest since October 2014 (2.6 percent).

 

Tomorrow, from Australia, Private Sector Credit data will be published. Analysts are predicting 0.6% rise. In the US session Unemployment Claims and Chicago PMI figures are scheduled for a release. Unemployment Claims are expected to increase to 274,000, while Chicago PMI should incline to 50.4.

 

Figures to watch:

 

Private Sector Credit (Thursday 1:30)

Unemployment Claims (Thursday 14:30)

Chicago PMI (Thursday 15:15)

More in this category: « EUR/USD Daily Forecast – 30 December GBP/USD Daily Forecast – 31 December »

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