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AUD/USD Weekly Forecast – 24 April – 28 April

Friday, Apr 21 2017
AUD/USD Weekly Forecast – 24 April – 28 April

Events that marked the week:

There were no data releases from Australia on Monday, but from China GDP and Industrial Production figures were released. The Chinese economy expanded at a faster pace in the first quarter, as government spending continued to fuel the expansion that many had feared would begin to slow in the new year. The National Bureau of Statistics said gross domestic product (GDP) expanded at an annualized 6.9% in the first quarter, up slightly from 6.8% in the previous three quarters and well within the government’s target range of 6.5% to 7%. Analysts in a median forecast called for quarterly growth of 6.8%. Compared to the fourth quarter, GDP expanded 1.3%, official data showed.

From Australia, on Tuesday, RBA Meeting Minutes were published. In it latest Meeting Minutes RBA noted that headline inflation was expected to pick up over 2017 to be above 2 per cent. However, the rise in underlying inflation was expected to be more gradual; wage growth and broader measures of labour cost pressures remained subdued and competition in the retail sector continued to be strong. Taking into account the available information, the Board judged that holding the stance of monetary policy unchanged would be consistent with sustainable growth in the economy and achieving the inflation target over time.

 

Thursday's session brought Australian NAB Business Confidence figures. A closely watched measure of Australian business confidence rose in the first quarter, a sign the economy was back on track after a solid rebound at the end of 2016. The National Australia Bank (NAB) business confidence indicator climbed by one point to plus 6 in in the March quarter, on a scale where a reading above zero indicates improving conditions. The business confidence indicator edged down one point in the fourth quarter.

 

This week markets will be looking at:

 

CPI (Wednesday 3:30)

More in this category: « EUR/USD Weekly Forecast – 17 April – 21 April GBP/USD Weekly Forecast – 24 April – 28 April »

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