By FXEmpire.com
Analysis and Recommendation: (close of Asian session)
The AUD/USD is currently at 1.0263 as the Aussie continues to decline. Earlier today the RBA announced a reduction in their growth forecast for 2012, stating that problems for the eurozone and exports as well as higher inflation are limiting growth in Australia.
This coupled with the .50bp rate reduction earlier in the week has caused the weakness in the AUD.
Economic events for May 3-4, 2012 actual v. forecast
|
May 3 |
GBP |
Nationwide HPI (MoM) |
-0.2% |
0.5% |
-1.0% |
|
TRY |
Turkish CPI (MoM) |
1.52% |
1.18% |
0.41% |
|
|
GBP |
Services PMI |
53.3 |
54.6 |
55.3 |
|
|
EUR |
Interest Rate Decision |
1.00% |
1.00% |
1.00% |
|
|
BRL |
Brazilian Industrial Production (YoY) |
-2.1% |
1.5% |
-4.0% |
|
|
USD |
Nonfarm Productivity (QoQ) |
-0.5% |
-0.5% |
1.2% |
|
|
USD |
Initial Jobless Claims |
365K |
380K |
392K |
|
|
USD |
Unit Labor Costs (QoQ) |
2.0% |
2.8% |
2.7% |
|
|
USD |
Continuing Jobless Claims |
3276K |
3311K |
3329K |
|
|
USD |
ISM Non-Manufacturing Index |
53.5 |
55.5 |
56.0 |
Economic Events for May 7, 2012 for the Asian and US Markets
02:30 AUD NAB Business Confidence 3
The National Australia Bank (NAB) Business Confidence Index rates the current level of business conditions in Australia. Changes in business sentiment can be an early signal of future economic activity such as spending, hiring, and investment. The index is based on data collected from a survey of around 350 companies. A level above zero indicates improving conditions; below indicates worsening conditions.
02:30 AUD Retail Sales 0.2% 0.2%
Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
02:30 AUD Building Approvals 3.0% -7.8%
Building Approvals (also known as Building Permits) measures the change in the number of new building approvals issued by the government. Building permits are key indicator of demand in the housing market.
Government Bond Auctions (this week)
Date Time Country
May 08 09:15 Austria
May 08 09:30 Belgium
May 08 14:30 UK
May 08 15:30 Italy
May 08 17:00 US
May 09 09:10 Sweden
May 09 09:30 Germany
May 09 09:30 Swiss
May 09 09:30 UK
May 09 14:30 Sweden
May 09 15:30 Italy
May 09 17:00 US
May 10 15:00 US
May 10 17:00 US
May 11 09:10 Italy BOT auction
May 11 10:00 Belgium
Click here for further AUD/USD Forecast.
Originally posted here
