By FX Empire.com
The Australian dollar rallied against its U.S. counterpart as the Australian economy as the nation continued to report good data especially from the labor market and also benefited from eased woes over the debt crisis.
Australia is one of a few countries that have many resources to counter sluggish global growth and the European debt crisis, whereas investors are waiting more details from Europe to see the next step from leaders to end the crisis and prevent a financial system meltdown with the risk now threatening banks.
The week starts with the release of important data from both economies. As of 00:00 GMT the Australian consumer inflation expectations index is expected to rise to 3.0% in October 2.8% in September.
The U.S. economy will release the Empire Manufacturing survey for October at 12:30 GMT where the index is expected to improve to -4.0 from -8.82.
The Industrial Production for September will be released from the U.S. economy at 13:15 GMT and expected to maintain the same expansionary pace as the previous month of 0.2%. On the other hand, the Capacity Utilization is expected to rise to 77.5% from 77.4%.
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