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AUD/USD Daily Forecast – 03 July

Friday, Jun 30 2017
AUD/USD Daily Forecast – 03 July

Focus of the Friday's session was on China's PMI  figures. The Chinese economy grew at a slightly faster pace in June, with broad measures of manufacturing and services activity pointing to steady gains for the world’s biggest exporter. Beijing’s official manufacturing purchasing managers’ index (PMI), which focuses on large and state-run companies, climbed to half a point to 51.7 in June. Analysts called for a slight dip to 51.0. A separate gauge of China’s services sector also strengthened in June. The official non-manufacturing PMI rose to 54.9 after edging up to 54.5 the previous month. On the PMI scale, a reading above 50 points to expansion in the sector. A total of 4,200 purchasing managers are consulted on the monthly PMIs.

In the US session Chicago PMI data was released.  The MNI Chicago Business Barometer rose to 65.7 in June from 59.4 in May, the highest level in over three years. Optimism among firms about business conditions rose for the fifth consecutive month. Four of the five Barometer components led June’s increase, with only Employment falling, albeit slightly. Successive rises in the barometer left the Q2 calendar quarter average at 61.1, significantly above Q1’s 55.1, and the highest level since Q2 2014.

 

On Monday, from Australia, Building Approvals figures will be released. Analysts anticipate drop by 1.2%. In the US session, also ISM Manufacturing PMI data will be published. No change is expected.

 

Figures to watch:

 

Building Approvals (Monday 3:30)

Caixin Manufacturing PMI (Monday 3:45)

ISM Non-Manufacturing PMI (Monday 16:00)

More in this category: « GBP/USD Weekly Forecast – 03 July – 07 July GBP/USD Daily Forecast – 03 July »

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