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AUD/USD Weekly Forecast – 29 August – 02 September

Friday, Aug 26 2016

Events that marked the week:

From Australia, on Wednesday, Constrution Work Done data was released. The value of Australian construction work done fell unexpectedly in the last quarter, official data showed on Wednesday. In a report, Australian Bureau of Statistics said that Australian construction work done fell to a seasonally adjusted -3.7%, from -2.6% in the preceding quarter. Analysts had expected Australian construction work done to rise to -1.9% in the last quarter.

There were no data releases from Australia in the rest of the week. ANZ noted that the markets for key Australian exports iron ore and coal remained among the world's most oversupplied, which was likely to prevent any sustained rally in the terms of trade. Additionally, the recent strength in the Australian dollar could weigh on economic growth. "This outlook for both the domestic economy and key commodity sectors means any further appreciation in the Australian dollar is likely to be driven by global liquidity and risk appetite factors, rather than anything fundamental," ANZ said.

 

This week markets will be looking at:

 

Building Approvals (Tuesday 3:30)

Private Capital Expenditure (Thursday 3:30)

Retail Sales (Thursday 3:30)

Caixin Manufacturing PMI (Thursday 3:45)

More in this category: « EUR/USD Weekly Forecast – 22 August – 26 August GBP/USD Weekly Forecast – 29 August – 02 September »

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