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AUD/USD Weekly Forecast – 04 July – 08 July

Saturday, Jul 02 2016

Events that marked the week:

Investors ignored a potentially bearish report from Australia that showed the sale of new homes declined for a second consecutive month in May, adding further evidence that the recent peak cycle has passed. New home sales fell by 4.4% in May after seasonal adjustments, following a 4.7% in April, the Housing Industry Association (HIA) said in a report on Wednesday. Despite recent volatility in new home sales, the underlying trend reflects a healthy leveling off following successive record highs in 2014 and 2015. Home loans increased in April, supporting expectations for continued growth despite hitting a rough path earlier in the year.

There were no data releases from Australia on Friday, but from China Manufacturing PMI figures were released. Chinese manufacturers reported the sharpest deterioration in operating conditions in four months in June amid economic weakness at home and abroad, with the Caixin China Purchasing Managers’ Index coming in at 48.6. The reading is lower than May’s 49.2, partly because output fell at the quickest pace since February. The June figure was the lowest since January, when the PMI dipped to 48.4, and marks the 16th consecutive month of contraction.

 

This week markets will be looking at:

 

Building Approvals (Monday 3:30)

Retail Sales (Tuesday 3:30)

Trade Balance (Tuesday 3:30)

Cash Rate/RBA Rate Statement (Tuesday 6:30)

More in this category: « EUR/USD Weekly Forecast – 27 June – 01 July GBP/USD Weekly Forecast – 04 July – 08 July »

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