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AUD/USD Daily Forecast – 09 January

Monday, Jan 08 2018
AUD/USD Daily Forecast – 09 January

There were no major data releases both from Australia and USA yesterday. The seasonally adjusted Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) registered 52.8 points in December (readings above 50 points indicate expansion). This was down by 4.7 points from Novemberindicating a slowing in the industry’s overall growth momentum in the final month of 2017. However, it marked the 11th consecutive month of expanding conditions for the AustralianPCI®.

December Australian PCI® data pointed to a moderation in the pace of activity growth across the industry. Demand conditions were also more subdued with the new orders sub-index drifting into mild negative territory (i.e. below 50 points) following eight months of growth. December’s decline in aggregate industry demand led to a slower rate of increase in deliveries from suppliers. However, employment growth continued to hold at a relatively firm rate consistent with a solid backlog of work and scheduled project starts in 2018.

 

From Australia, tomorrow, Building Approvals figures will be published. Analysts expect decline by 0.9%. There will be no major data releases in the US part of of the session.

 

Figures to watch:

 

Building Approvals (Tuesday 1:30)

More in this category: « EUR/USD Daily Forecast – 08 January GBP/USD Daily Forecast – 09 January »

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