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AUD/USD Weeky Forecast – 04 January – 08 January

Thursday, Dec 31 2015

Events that marked the week:

With no major dana releases from Australia, main market movers last week were speculations on developments in China as well as commodity prices. China’s reduced demand for iron ore amid a glut of supply has driven the market price of high-quality iron ore more than 60% lower since the beginning of 2014. Worrying signs have emerged across the market. S&P recently lowered its iron ore price forecasts and said it was monitoring eight of the world’s largest iron ore producers for possible credit downgrades, including BHP, Rio and Fortescue Metals Group. Australia’s number four producer Atlas Iron Group announced a suspension of all mining activities, prompting several mining services companies to make announcements of their own.

Analysts remain mixed on how the Australian and New Zealand dollars will perform in 2016. Some expect the two currencies to perform well next year based on previous performance, but others believe they are poised to slide if policy makers will push for cuts on interest rates to spur growth. “The recent out-performance in the Australian dollar in particular has been driven by some reassessment of the pace of easing from the RBA with pricing shifting from a near certain cut in 2015, to little chance of a cut for some time,” explained Daniel Been, a Sydney-based currency strategist at Australia & New Zealand Banking Group Ltd.

 

This week markets will be looking at:

 

Caixin Manufacturing PMI (Monday 2:45)

Building Approvals (Thursday 1:30)

Trade Balance (Thursday 1:30)

Retail Sales (Friday 1:30)

More in this category: « EUR/USD Weekly Forecast – 28 December – 01 January GBP/USD Weeky Forecast – 04 January – 08 January »

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