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AUD/USD Daily Forecast - 06 March

Monday, Mar 05 2018
AUD/USD Daily Forecast - 06 March

From Australia, yesterday, Building Approvals figures were released. The trend estimate for total dwellings approved rose 0.1% in January after falling for three months. The seasonally adjusted estimate for total dwellings approved rose 17.1% in January. The trend estimate for private sector houses approved fell 0.1% in January and has fallen for four months. The seasonally adjusted estimate for private sector houses fell 1.1% in January. The trend estimate for private sector dwellings excluding houses rose 0.4% in January after falling for two months. The seasonally adjusted estimate for private sector dwellings excluding houses rose 42.2% in January.

In the US session ISM Non-Manufacturing PMI data was published. The NMI® registered 59.5 percent, which is 0.4 percentage point lower than the January reading of 59.9 percent. According to the NMI®, 16 non-manufacturing industries reported growth. The non-manufacturing sector reflected the second consecutive month of strong growth in February. The decrease in the Employment Index possibly prevented an even stronger reading for the NMI® composite index. The majority of respondents’ continue to be positive about business conditions and the economy.

 

Tomorrow's session will bring Australian Retail Sales and Current Account figures. Analysts predict 0.4% increase in Retail Sales and incline to $12.3 billion deficit in Current Account. However, the focus of the session will be on RBA interest rate decision and the following statement, though no change is expected. There will be no major data releases in the US part of the session.

 

Figures to watch:

 

Current Account (Tuesday 1:30)

Retail Sales (Tuesday 1:30)

Cash Rate/RBA Rate Statement (Tuesday 4:30)

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