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AUD/USD Weekly Forecast - 28 May - 1 June

Saturday, May 26 2018
AUD/USD Weekly Forecast - 28 May - 1 June

AUD/USD managed to weather the risk-off sentiment and to hold its ground.

Australia’s Construction Work Done measure disappointed by rising by only 0.2% q/q but an upward revision softened the blow. RBA Governor Phillip Lowe did not provide any earth-shattering news. In the US, the FOMC Meeting Minutes confirmed that a rate hike is coming in June but the Fed may take a break afterward. The mood in markets soured as trade relations between the US and China, that had seemed to improve, worsened again. Trump’s cancellation of the Summit with Kim also weighed on sentiment. Nevertheless, the Aussie weathered the storm.

The upcoming week features Australian Capital Expenditure and Chinese PMI data.

Major events in the coming week:

  1. Building Approvals: Wednesday, 1:30. Building consents are expected to drop by 2.9% in April.
  2. Chinese Manufacturing PMI: Thursday, 1:00. China is Australia’s No. 1 trading partner and any change in manufacturing indicates a change in the consumption of Australian metals. The government PMI has shown growth with a score of 51.4, and is expected to maintain the same.
  3. Private Capital Expenditure: Thursday, 1:30. This quarterly figure reflects investment and is closely watched by the Reserve Bank of Australia. A disappointing drop of 0.2% was seen in Q4 2017 after several quarters of strong growth. A bounce back is expected now: 1.1% in Q1 2018.
  4. Private Sector Credit: Thursday, 1:30. After a rise of 0.5% in March, a similar increase of 0.4% is projected.
  5. AIG Manufacturing Index: Thursday, 22:30.
  6. HIA New Home Sales: Friday, early in the day. The Housing Industry Association reported a drop of 2% in sales of new homes in March, a third consecutive drop. April may see a bounce back up.
  7. Chinese Caixin Manufacturing PMI: Friday, 1:45. The independent gauge of China’s manufacturing sector stood at 51.1 points in April. This important survey is now predicted to advance to 51.3 points.
  8. Commodity Prices: Friday, 6:30.

(All times are GMT)

More in this category: « EUR/USD Weekly Forecast - 28 May - 1 June GBP/USD Weekly Forecast - 28 May - 1 June »

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