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AUD/USD Daily Forecast – 31 January

Monday, Jan 30 2017
AUD/USD Daily Forecast – 31 January

There were no major data releases from Australia yesterday. Aussie is recovering a bit after last week's CPI figures. Although the inflation data fell below the Reserve Bank of Australia’s 2-3% medium-term core inflation target, it was in line with RBA forecasts. This suggests there’s little chance of the central bank cutting interest rates anytime soon. However, if conditions don’t improve later, we could see a rate cut before the end of the year.

In the US session Pending Home Sales data was published. Contracts to buy previously owned U.S. homes rebounded last month as buyers adjusted to the recent jump in mortgage rates, according to figures released Monday from the National Association of Realtors in Washington. Pending home-sales gauge rises 1.6 percent from previous month (forecast was for 1 percent gain) after falling 2.5 percent the prior month. Index dropped 2 percent from December 2015 on an unadjusted basis. Pending sales increased in two of four U.S. regions from November.

 

There will be no major data releases from Australia tomorrow. In the US session, Chicago PMI and CB Consumer Confidence figures will be published. Analysts predict increase to 55.1 in Chicago PMI and decrease to 112.6 in CB Consumer Confidence.

 

Figures to watch:

 

Chicago PMI (Tuesday 15:45)

CB Consumer Confidence (Tuesday 16:00)

More in this category: « EUR/USD Daily Forecast – 27 January GBP/USD Daily Forecast – 31 January »

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