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AUD/USD Daily Forecast - 21 March

Tuesday, Mar 20 2018
AUD/USD Daily Forecast - 21 March

From Australia, yesterday, Home Loans figures were released. The price index for residential properties for the weighted average of the eight capital cities rose 1.0% in the December quarter 2017. The index rose 5.0% through the year to the December quarter 2017. The total value of residential dwellings in Australia was $6,869,006.7m at the end of the December quarter 2017, rising $92,858.9m over the quarter. The mean price of residential dwellings rose $6,500 to $686,700 and the number of residential dwellings rose by 40,400 to 10,003,100 in the December quarter 2017.

However, the focus of the session was on RBA Meeting Minutes. The minutes of the RBA’s March policy meeting offered very little new information for markets. It remains optimistic about the Australian and global economy yet remains uncertain about the outlook for Australian household spending and wage growth. Until that uncertainty is resolved, interest rates are likely to remain unchanged.The Reserve Bank of Australia (RBA) released the minutes of its March monetary policy meeting today to little fanfare, largely reflecting that nothing has really changed in recent weeks.

 

There will be no major data releases from Australia tomorrow. In the US session focus will be on FOMC interest rate decision as well as following press conference with analysts expecting interest rate hike to 1.75%.

 

Figures to watch:

 

Federal Funds Rate/FOMC Press Conference (Wednesday 19:30)

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