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AUD/USD Daily Forecast – 05 June

Sunday, Jun 04 2017
AUD/USD Daily Forecast – 05 June

From Australia, on Friday, Home Sales figures were released. Australian new home sales rebounded in April after declining in two of the last three months, an industry survey showed Friday. The Housing Industry Association (HIA) reported that its monthly survey of large-volume builders showed new home sales rose 0.8% in April, following a decline of 1.1% in March.

Focus of the US session was on NFP figures. The US unemployment rate unexpectedly fell to 4.3%, a new multi-year low, but it is a misleading optic for what is a disappointing report.  It is likely not weak enough to put much doubt into expectations for a Fed hike later this month, but it will reinforce the caution in the Beige Book and in recent comments from some Fed officials. Besides the decline in the unemployment rate, and a further decline in the under-employment rate (U-6) from 8.6% to 8.4%, there is little positive in today's report.  Non-farm payroll growth fell to 138k, nearly 50k below median expectations, which like our own, had been bolstered by the weekly jobs claims, withholding tax, and the ISM. 

 

There will be no major data releases from Australia on Monday. In the US session ISM Non-Manufacturing PMI figures will be published. Analysts predict no significant change.

 

Figures to watch:

 

ISM Non-Manufacturing PMI (Monday 16:00)

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