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AUD/USD Daily Forecast - 05 March

Saturday, Mar 03 2018
AUD/USD Daily Forecast - 05 March

On Friday, from Australia, home sales figures were released. Following a relatively strong finish to 2017, detached house sales pulled back in January this year, declining by 2.1 per cent in the month. This result was due to a decline in sales in both New South Wales and Victoria, while the remaining mainland states each enjoyed increases in January. The HIA New Home Sales report – a monthly survey of the largest volume home builders in the five largest states – provides an early indication of trends in the residential building industry. The most encouraging news this month, is that new home sales in Western Australia picked-up by 1.2 per cent.

In the US session Consumer Sentiment data was published. The University of Michigan's consumer sentiment index ticked down at the end of February, but remained at historically high levels. The latest reading came in at 99.3, slightly below the mid-month figure of 99.9. Consumer sentiment inched down at the end of February, but still exceeded expectations after shooting up in a mid-month reading. The University of Michigan's report on consumer attitudes about the economy slipped to 99.7 in February.

 

From Australia, on Monday Building Approvals figures will be published. Analysts predict increase by 5.1%. In the US session ISM Non-Manufacturing PMI figures will be released. Decline to 58.9 is expected.

 

Figures to watch:

 

Building Approvals (Monday 1:30)

ISM Non-Manufacturing PMI (Monday 16:00)

More in this category: « EUR/USD Daily Forecast - 02 March GBP/USD Daily Forecast - 05 March »

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