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AUD/USD Daily Forecast – 20 December

Tuesday, Dec 19 2017
AUD/USD Daily Forecast – 20 December

Focus of the yesterday's session was on RBA Minutes. The Reserve Bank of Australia expressed ore confidence in the economy in the release of the minuts from the December policy review on Tuesday. The RBA held its cash rate at a record low 1.50% at the meeting. Growth in employment, particularly full-time employment, had increased and the unemployment rate had fallen to a four-year low. 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.

In the US session Building Permits and Housing Starts data was published. Groundbreaking on single-family homes proceeded in November at the strongest pace in a decade, driving U.S. housing starts to a faster-than-estimated rate, government figures showed Tuesday. Residential starts rose 3.3% to 1.3m annualized rate (est. 1.25m) after 1.26m pace in prior month (revised from 1.29m). Single-family starts jumped 5.3% to 930,000, highest since Sept. 2007; South and West regions also were 10-year highs. Permits, a proxy for future construction of all types of homes, fell 1.4% to 1.3m rate (est. 1.27m) from 1.32m pace; single-family permits in U.S. and South both highest since Aug. 2007.

 

There will be no major data releases from Australia yesterday. In the US session Existing Home Sales figures. Increase to 5.53 million is anticipated.

 

Figures to watch:

 

Existing Home Sales (Wednesday 16:00)

More in this category: « EUR/USD Daily Forecast – 19 December GBP/USD Daily Forecast – 20 December »

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