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AUD/USD Daily Forecast – 01 August

Monday, Jul 31 2017
AUD/USD Daily Forecast – 01 August

There were no data releases from Australia yesterday, but from China PMI figures were released. The Chinese economy expanded at a slower but steady pace in July, with broad measures of manufacturing and services continuing to show progress. Beijing’s official manufacturing purchasing managers’ index (PMI), which focuses on large and state-run companies, dipped to 51.4 in July. That was a slightly bigger drop than the consensus forecast, which called for a decline to 51.6. A separate gauge of China’s services sector also strengthened in July. The official non-manufacturing PMI fell to 54.5 after climbing to 54.9 the previous month.

In the US session Pending Home Sales figures were released. The Pending Home Sales Index, a forward-looking indicator based on contract signings, climbed 1.5 percent to 110.2 in June from an upwardly revised 108.6 in May. At 0.5 percent, the index last month increased annually for the first time since March. Lawrence Yun, NAR chief economist, says the bounce back in pending sales in most of the country in June is a welcoming sign.

 

Focus of tomorrow's session will be on RBA interest rate decision though no change is forecasted. In the US session ISM Manufacturing PMI figures will be released. Analysts predict decline to 56.4.

 

Figures to watch:

 

Cash Rate/RBA Statement (Tuesday 6:30)

ISM Manufacturing PMI (Tuesday 16:00)

More in this category: « EUR/USD Daily Forecast – 31 July GBP/USD Daily Forecast – 01 August »

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