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AUD/USD Daily Forecast – 29 August

Monday, Aug 28 2017
AUD/USD Daily Forecast – 29 August

There were not major reports from Australia Monday so after the reaction to Yellen’s comments on Friday, there was not much to move the markets. The persistent bear-trend in the USD this year showed its claws last week with fresh lows in the Bloomberg dollar index against 10 leading currencies after a month long consolidation.  It posted a new low since January-2015 on Friday and closed basically on the baseline if its range over this period.

In the US session Goods Trade Balance. An early look at U.S. trade patterns in July points to a wider deficit. The advanced trade gap in goods — services are excluded — widened by nearly 1.8% to $65.1 billion in July, the Commerce Department said Monday. Both exports and imports declined, but exports dropped at a faster pace. Economists surveyed by MarketWatch expected a goods trade deficit of $64.6 billion. The government will release overall trade numbers, including services, for July next week, but the size of the trade deficit is generally tied to changes in exports and imports of goods. Trade patterns involving services rarely change much from month to month.

 

There will be no major data releases from Australia tomorrow. In the US session Consumer Confidence figures will be published. Analysts anticipate decrease to 120.3.

 

Figures to watch:

 

CB Consumer Confidence (Tuesday 16:00)

 

More in this category: « EUR/USD Daily Forecast – 25 August GBP/USD Daily Forecast – 29 August »

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