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AUD/USD Daily Forecast – 04 March

Thursday, Mar 03 2016

From Australia, yesterday, Trade Balance data was released. In trend terms, the balance on goods and services was a deficit of $3,364m in January 2016, an increase of $133m (4%) on the deficit in December 2015. In seasonally adjusted terms, the balance on goods and services was a deficit of $2,937m in January 2016, a decrease of $587m (17%) on the deficit in December 2015. Analysts were expecting deficit of $3,220m.

In the US session, Unemployment Claims and Non-Manufacturing PMI figures were released. In the week ending February 27, the advance figure for seasonally adjusted initial claims was 278,000, an increase of 6,000 from the previous week's unrevised level of 272,000. The 4-week moving average was 270,250, a decrease of 1,750 from the previous week's unrevised average of 272,000. Analysts were expecting decrease to 271,000.

 

The Non-Manufacturing PMI Index registered 53.4 percent in February, 0.1 percentage point lower than the January reading of 53.5 percent. This represents continued growth in the non-manufacturing sector at a slightly slower rate. According to the NMI, 14 non-manufacturing industries reported growth in February. The majority of the respondents' comments continue to be positive about business conditions. The respondents are projecting a slight optimism in regards to the overall economy.

 

Tomorrow's session will be marked by Australian Retail Sales figures. Increase by 0.4% is forecasted. In the US session NFP and Trade Balance figures will be released. Analysts predict incline to 195,000 in NFP, while Unemployment Rate should remain unchanged at 4.9%. Trade Balance deficit should widen to $43.8 billion.

 

Figures to watch:

 

Non-Farm Employment Change/Unemployment Rate/Average Hourly Earnings (Friday 14:30)

Trade Balance (Friday 14:30)

More in this category: « EUR/USD Daily Forecast – 03 March GBP/USD Daily Forecast – 04 March »

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