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AUD/USD Daily Forecast – 31 July

Friday, Jul 28 2017
AUD/USD Daily Forecast – 31 July

Friday brought Australian PPI figures. Australian PPI rose 0.5% in the June quarter 2017. The raise mainly due to rises in the prices received for Heavy and civil engineering construction (+0.9%), Building construction (+0.8%) and Other agriculture (+7.4%). This was partly offset by falls in the prices received for Petroleum refining and petroleum fuel manufacturing (-4.8%), Accommodation (-2.4%) and Commercial fishing (-7.6%). PPI rose 1.7% through the year to the June quarter 2017.

In the US session GDP data was published. Real gross domestic product increased at an annual rate of 2.6 percent in the second quarter of 2017, according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent. The Bureau emphasized that the second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the second quarter, based on more complete data, will be released on August 30, 2017.

 

There will be no major data releases from Australia on Monday, but from China Manufacturing PMI figures wiil be released. Analysts predict decline to 51.7. In the US session Chicago PMI and Pending Home Sales figures will be released. Chicago PMI is expected to decrease to 60.2, while Pending Home Sales should rise by 1.1%.

 

Figures to watch:

 

China's Manufacturing PMI (Monday 3:00)

Chicago PMI (Monday 15:45)

Pending Home Sales (Monday 16:00)

More in this category: « EUR/USD Daily Forecast – 28 July GBP/USD Daily Forecast – 31 July »

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