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AUD/USD Daily Forecast – 07 December

Wednesday, Dec 06 2017
AUD/USD Daily Forecast – 07 December

Yesterday's session was marked by Australian GDP figures. The Australian economy grew by 0.6% in seasonally adjusted chain volume terms in the September quarter. Compensation of employees increased 1.2%. 17 of 20 industries recorded positive growth this quarter. New engineering construction increased 6.3%. Household final consumption expenditure increased 0.1% for the quarter. The terms of trade had a small fall of 0.4% in the September quarter 2017 following a decline of 6.0% in the June quarter.

In the US session ADP job data was published. Private sector employment increased by 190,000 jobs from October to November according to the November ADP National Employment Report. “The labor market continues to grow at a solid pace,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Notably, manufacturing added the most jobs the industry has seen all year. As the labor market continues to tighten and wages increase it will become increasingly difficult for employers to attract and retain skilled talent.”

 

Tomorrow, from Australia, Trade Balance data will be released. Decline in surplus to $1.37 billion is forecasted. In the US session Unemployment Claims figures will be published. Analysts predict no change.

 

Figures to watch:

 

Unemployment Claims (Thursday 14:30)

More in this category: « EUR/USD Daily Forecast – 06 December GBP/USD Daily Forecast – 07 December »

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