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AUD/USD Daily Forecast – 04 January

Tuesday, Jan 03 2017
AUD/USD Daily Forecast – 04 January

There were no data releases from Australia yesterday, but from China Manufacturing PMI figures were published. The Caixin China General Manufacturing PMI was 51.9 in December, up one point from the previous month and the strongest expansion since January 2013. The sub-indices for output and neworders both hit multi-year highs while those for input costs andoutput charges continued to rise rapidly, underlining sustainedinflationary pressure. The Chinese manufacturing economy continued to improve in December, with the majority of sub-indices looking optimistic. However, it is still to be seen if the stabilization of the economy is consolidated due to uncertainties in whether restocking and consumer price rises can be sustainable.

In the US session ISM Manufacturing PMI data was released. American manufacturing expanded in December at the fastest pace in two years, reflecting firmer output and the biggest pickup in orders growth since August 2009. The Institute for Supply Management said Tuesday that its index increased to 54.7, the fourth straight advance, from 53.2 a month earlier. The median forecast in a Bloomberg survey called for 53.8. Readings above 50 indicate growth. The ISM’s measure of orders surged 7.2 points, while its gauge of prices paid for materials climbed to the highest level since June 2011.

 

There will be no data releases from Australia tomorrow. US session will be marked by FOMC Meeting Minutes, which should bring some volatility to the markets.

 

Figures to watch:

 

FOMC Meeting Minutes (Wednesday 20:00)

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

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