By FXEmpire.com
Analysis and Recommendation:
The AUD/USD soared in today’s session. Yesterday the RBA cut its key lending rate by 25bps, which met market expectations. The pair at that time gathered some strength even though a rate reduction is negative for the currency. Markets were worried that the RBA might panic and reduce rates by 50bps, but the more conservative move was hailed by markets as well as politicians and the public in Australia.
The pair traded at 0.9837. This morning’s release of GDP surprised the markets to the upside. The Australian economy expanded more than expected in the March quarter, according to figures from the Australia Bureau of Statistics. The data showed gross domestic product (GDP) in the quarter to the end of March rose a seasonally adjusted 1.3 per cent. For the 12 months to March, GDP rose a seasonally adjusted 4.3 per cent.
Household final consumption expenditure rose 1.6 per cent in the March quarter and was up 4.2 per cent over the year to March, adjusted.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Economic Data June 5 – 6, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
EUR |
Final Services PMI |
46.7 |
46.5 |
46.5 |
|
|
EUR |
Retail Sales m/m |
-1.0% |
-0.1% |
0.3% |
|
|
EUR |
German Factory Orders m/m |
-1.9% |
-1.0% |
3.2% |
|
|
Building Permits m/m |
-5.2% |
-0.3% |
4.9% |
||
|
CAD |
Overnight Rate |
1.00% |
1.00% |
1.00% |
|
|
USD |
ISM Non-Manufacturing PMI |
53.7 |
53.6 |
53.5 |
|
|
Jun 6 |
AUD |
GDP q/q |
1.3% |
0.5% |
0.6% |
Upcoming Economic Events that affect the AUD, NZD, JPY and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jun 7 |
1:30 |
AUD |
4.9% |
|
|
1:30 |
AUD |
15.5K |
||
|
12:30 |
USD |
383K |
||
|
14:00 |
USD |
|||
|
23:50 |
JPY |
0.79T |
||
|
23:50 |
JPY |
1.0% |
||
|
Jun 8 |
1:30 |
AUD |
-1.59B |
|
|
1:30 |
AUD |
0.3% |
||
|
12:30 |
USD |
-51.8B |
||
|
14:00 |
USD |
Government Bond Auctions
Date Time Country
Jun 07 00:30 Japan
Jun 07 08:30 Spain
Jun 07 08:50 France
Jun 07 09:10 Sweden
Jun 07 15:00 US
Jun 08 10:00 Belgium
Jun 08 15:30 Italy
Click here for updated AUD/USD News.
Originally posted here
