AUD/USD Daily Forecast - 29 December

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Wednesday, Dec 28 2016

AUD/USD Daily Forecast - 29 December

There were no major data releases from Australia yesterday. The Australian Dollar continued to hover near a seven-month low against the Greenback on Wednesday in a lackluster trade. The main driver of the recent sell-off has been the demise of the carry trade. Rising U.S. interest rates have made the dollar a more attractive investment at the expense of the Aussie and Kiwi. However, on Tuesday, investors reacted to concerns over Chinese growth. At the end of last week, Chinese President Xi Jinping indicated that he wasn’t wedded to the 6.5 percent economic growth target amid concerns about rising debt and an uncertain global environment after Donald Trump’s election win in the U.S.

In the US session Pending Home Sales figures will be published. The Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.5 percent to 107.3 in November from 110.0 in October. After last month's decrease in activity, the index is now 0.4 percent below last November (107.7) and is at its lowest reading since January (105.4).

There will be no major data releases from Australia tomorrow. In the US session Unemployment Claims figures will be published. Analysts anticipate increase to 277,000.

Figures to watch:

Unemployment Claims (Thursday 14:30)

More in this category: « EUR/USD Daily Forecast - 26 December GBP/USD Daily Forecast - 29 December »

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