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AUD/USD Daily Forecast – 04 October

Tuesday, Oct 03 2017
AUD/USD Daily Forecast – 04 October

From Australia, yesterday, Building Approvals figures were released.  The trend estimate for total dwellings approved rose 1.1% in August and has risen for seven months. The seasonally adjusted estimate for total dwellings approved rose 0.4% in August following a fall of 1.2% in the previous month. The trend estimate for private sector houses approved rose 0.9% in August and has risen for six months. The seasonally adjusted estimate for private sector houses fell 0.6% in August after rising for three months.

However, the focus of the session was on RBA interest rate decision.  The Reserve Bank of Australia (RBA) on Tuesday held its cash rate steady at a record low 1.50% as expected and signaled to markets that the economy continues to improve. The low level of interest rates is continuing to support the Australian economy. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.

 

There will be no major data releases from Australia tomorrow. In the US session ISM Non-Manufacturing PMI figures will be released. Analysts predict no change.

 

Figures to watch:

 

ISM Non-Manufacturing PMI (Wednesday 16:00)

More in this category: « EUR/USD Daily Forecast – 03 October GBP/USD Daily Forecast – 04 October »

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