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AUD/USD Weekly Forecast – 02 October – 06 October

Saturday, Sep 30 2017
AUD/USD Weekly Forecast – 02 October – 06 October

Events that marked the week:

There were no data releases from Australia during the week. The AUD is likely to continue to trade in a narrow band against the USD, at least in the near term as the domestic backdrop and the risk environment remain supportive but, at current levels, they are unlikely to provide the AUD with enough momentum to break the range anytime soon, according to Giulia Lavinia Specchia, Research Analyst at ANZ.

The end of last week found the Australian Dollar near six-week lows against its US cousin. There wasn’t anything especially currency-specific about this weakness. The US currency found general support among investors prepared to bet that a proposed cut in tax rates will pass Congress and go on to boost both economic growth and inflation. President Donald Trump’s plan was characteristically short on detail and will face high legislative hurdles. Congress will only sit for 30 more days this year. But it proposes swingeing tax cuts and that was enough to see the US Dollar off to the races. Global investors always like a US tax cut and, with two-year US Treasury yields now at highs not seen since 2008, the greenback’s allure is clear.

 

This week markets will be looking at:

 

Building Permits (Tuesday 3:30)

RBA Interest Rate Decision/RBA Rate Statement (Tuesday 6:30)

Retail Sales (Thursday 3:30)

Trade Balance (Thursday 3:30)

More in this category: « EUR/USD Weekly Forecast – 25 September – 29 September GBP/USD Weekly Forecast – 02 October – 06 October »

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