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AUD/USD Daily Forecast - 31 January

Wednesday, Jan 31 2018
AUD/USD Daily Forecast - 31 January

From Australia, yesterday, NAB Business Confidence figures were released. The National Australia Bank (NAB) business confidence index rose 4 points to +11 index points in December; the highest level since July 2017, missing the estimate of +12 index points by a narrow margin. Meanwhile, the business conditions index ticked higher to  +13 index points but printed well below the estimate of +15 index points. Still, the actual figure is well above the long-run average of +5 index points.

In the US session CB Consumer Confidence figures were released. The Conference Board Consumer Confidence Index increased in January, following a decline in December. The Index now stands at 125.4 (1985=100), up from 123.1 in December. The Present Situation Index decreased slightly, from 156.5 to 155.3, while the Expectations Index increased from 100.8 last month to 105.5 this month.

 

Tomorrow's session will bring Australian CPI figures. Incline by 0.7% is forecasted. In the US session ADP Non-Farm Employment Change figures will be released. Analysts predict incline by 186,000. However, the focus of the session will be on Fed's interest rate decision and the following statement though no changes are anticipated.

 

Figures to watch:

 

ADP Non-Farm Employment Change (Wednesday 14:15)

Federal Funds Rate/FOMC Statement (Wednesday 20:00)

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