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AUD/USD Daily Forecast – 16 August

Tuesday, Aug 15 2017
AUD/USD Daily Forecast – 16 August

Focus of the yesterday's session was on RBA Minutes.  Australia’s red-hot housing market warrants “careful monitoring” by policymakers, especially as household balance sheets continue to rise, the minutes of the August 1 Reserve Bank of Australia (RBA) meetings showed Tuesday. The RBA held its trend-setting interest rate at a record low of 1.5% earlier this month, where it has stood since August 2016. Policymakers are under growing pressure to begin normalizing interest rates sooner rather than later, particularly as house prices in the cities of Sydney, Melbourne and Canberra continue to rise at breakneck speeds.  At the same time, the RBA still has plenty of scope for keeping policy highly accommodative with inflation sitting below target and wage growth failing to gain traction.

 In the US session Retail Sales data was published. U.S. retail sales advanced in July by the most this year, with widespread gains from department stores to building materials outlets that signal a robust start to consumer spending in the third quarter, according to Commerce Department figures released Tuesday. Overall sales climbed 0.6% (est. 0.3% gain) after 0.3% advance in prior month (revised from 0.2% decline.

 

Tomorrow, from the UK, Wage Price Index figures will be published. Analysts forecast 0.5% increase. In the US session Building Permits and Housing Starts data will be released. Building Permits should decline to 1.25 million, while housing starts should incline slightly to 1.23 million.

 

Figures to watch:

 

Wage Price Index (Wednesday 3:30)

Building Permits/Housing starts (Wednesday 14:30)

More in this category: « EUR/USD Daily Forecast – 15 August GBP/USD Daily Forecast – 16 August »

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