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AUD/USD Daily Forecast – 25 January

Wednesday, Jan 24 2018
AUD/USD Daily Forecast – 25 January

From Australia, yesterday MI Lesading 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, jumped from +0.66% in November to +1.41% in December.This is a very strong above trend reading and, following the solid results in October and November, points to solid above trend growth in the early part of 2018. However, in our view there are still key negatives around housing, household incomes and the consumer which are likely to challenge the sustainability of any upswing in 2018.

In the US session Existing Home Sales data was published. Existing home sales declined 3.6 percent to a seasonally adjusted annual rate of 5.57 million units last month amid decreases in all four regions. Unseasonably cold weather probably accounted for some of the weakness as sales in the Northeast and Midwest fell sharply. November’s sales pace was revised down to 5.78 million units, still the highest level since February 2007. Economists polled by Reuters had forecast home sales falling 2.2 percent to a 5.70 million-unit rate in December from a previously reported 5.81 million-unit pace in November.

 

There will be no major data releases from Australia tomorrow. In the US session Unemployment Claims figures will be published. Analysts predict incline to 239,000.

 

Figures to watch:

 

Unemployment Claims (Thursday 14:30)

More in this category: « EUR/USD Daily Forecast – 24 January GBP/USD Daily Forecast – 25 January »

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