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AUD/USD Daily Forecast – 21 December

Wednesday, Dec 20 2017
AUD/USD Daily Forecast – 21 December

From Australia, yesterday, MI Leading Index figures were released. The six month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, lifted from +0.51% in October to +0.69% in November. Westpac’s Chief Economist, Bill Evans, commented, “This is a strong above trend reading and, following the solid result in October, points to some of the headwinds to growth evident earlier in the year having eased. That said, there are still key negatives around housing, household incomes and the consumer which are likely to contain any upswing in 2018.”

In the US session Existing Home Sales data was published. Existing-home sales surged for the third straight month in November and reached their strongest pace in almost 11 years, according to the National Association of Realtors. All major regions except for the West saw a significant hike in sales activity last month. Total existing-home sales, jumped 5.6 percent to a seasonally adjusted annual rate of 5.81 million in November from an upwardly revised 5.50 million in October. After last month’s increase, sales are 3.8 percent higher than a year ago and are at their strongest pace since December 2006 (6.42 million).

 

There will be no major data releases from Australia tomorrow. In the US session Final GDP and Unemployment Claims figures will be published. Analysts predict 3.3% growth in GDP and increase to 232,000 in Unemployment Claims.

 

Figures to watch:

 

Unemployment Claims (Thursday 14:30)

Final GDP (Thursday 14:30)

More in this category: « EUR/USD Daily Forecast – 20 December GBP/USD Daily Forecast – 21 December »

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