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AUD/USD Weekly Forecast – 02 January – 06 Janaury

Sunday, Jan 01 2017
AUD/USD Weekly Forecast – 02 January – 06 Janaury

Events that marked the week:

There were no data releases from Australia last week. As year is coming to its end, traders are making predictions for the next year. The RBA made its last interest rate cut on August 3. At that time, it reduced its benchmark rate 25 basis points to 1.50 percent. For the next several months, it hinted that it may be finished with its reducing cycle. However, certain economic events near the end of the year, suggest the RBA may have to make at least one rate cut in 2017.

The year ended with the RBA flagging the prospect of a near-term slowdown in economic growth, noting that “some slowing in the year-ended growth rate is likely, before it picks up again”. The RBA was likely talking about the Q3 GDP report that showed the Australian economy contracted for only the fourth time in the last 25 years. Furthermore, investors will be going into 2017 concerned over whether Standard & Poor’s will reduce the country’s triple A credit rating.

 

This week markets will be looking at:

 

Caixin Manufacturing PMI (Tuesday 2:45)

Trade Balance (Friday 1:30)

Last modified on Sunday, 01 January 2017
More in this category: « EUR/USD Weekly Forecast – 26 December – 30 December GBP/USD Weekly Forecast – 02 January – 06 Janaury »

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