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There were no data releases from Australia yesterday morning, with traders mostly paying attention to developments in China and commodity prices. The Chinese economy is transitioning from one based on investment, to one based on domestic consumption. Old industries, like manufacturing and property, are declining and the economy is slowing. This has put pressure on the yuan at a time when the government wants to portray stability. Authorities see this as a temporary phase in China's economic development — one in which the market's free hand cannot be allowed to guide the economy quite yet.

In the US session CB Consumer Confidence figures were released. The Conference Board Consumer Confidence Index, which had increased in December, improved moderately in January. The Index now stands at 98.1, up from 96.3 in December. Analysts were not forecasting any change. The Present Situation Index was unchanged at 116.4, while the Expectations Index increased from 83.0 to 85.9 in January.

 

From Australia, tomorrow, CPI data will be published. Analysts are forecasting increse by 0.3%. In the US session New Home Sales figures will be released but the focus will be on FOMC interest rate decision and the following statement. New Home Sales should show annual rate of 503,000. Fed is not expected to change its interest rates but following statement shoulf bring some volatility to the markets.

 

Figures to watch:

 

New Home Sales (Wednesday 15:00)

Federal Funds Rate/FOMC Statement (Wednesday 20:00)

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