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AUD/USD Daily Forecast – 13 July

Wednesday, Jul 12 2017
AUD/USD Daily Forecast – 13 July

From Australia, yesterday, Westpac Consumer Sentiment figures were published. Consumer sentiment has risen despite banks increasing rates on interest-only mortgages, but pessimists still outnumber optimists. The latest Westpac-Melbourne Institute Index of consumer sentiment has risen 0.4 per cent to 96.6 in July, compared to 96.2 in June. Westpac's chief economist Bill Evans said it was the eighth consecutive month for the index to print below 100, which means the pessimists outnumber the optimists.

US session was marked by Yellen's testimony. The testimony released for Yellen's appearance before a House committee Wednesday morning highlighted that the Federal Reserve believes it is not that far from the neutral rate. While some strategists said the comments were not particularly new, Fed Governor Lael Brainard discussed the issue Tuesday and the market took her commentary as highly dovish. The neutral rate is the level where the Fed's benchmark rate does not either boost or hold back the economy.

 

There will be no major data releases from Eurozone tomorrow. In the US session PPI and Unemployment Claims figures will be published. Analysts predict no change in PPI and decrease to 245,000 in Unemployment Claims.

 

Figures to watch:

 

PPI (Thursday 14:30)

Unemployment Claims (Thursday 14:30)

More in this category: « EUR/USD Daily Forecast – 12 July GBP/USD Daily Forecast – 13 July »

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