By ForexMansion.com

The Australian dollar has seen a significant appreciation versus the U.S. dollar during the last week to reach its highest in several years at 1.0292.

Projections indicate that the pair will witness stable trading around this area before returning to decline once again. The main reason behind this decline could be the absence of significant economic data for the Australian economy this week as well as improved performance of the U.S. dollar recently, with the power of the economic data released from the U.S. economy.

There will be no economic data about the Australian economy on Tuesday, so the pair is expected to rely on the movement of the U.S. dollar and the current market sentiment, which could push the pair to decline due to increase demand on the U.S. dollar because of the improved outlook for the U.S. economy.

Stay tuned from the data today on Monday from the US that will be affecting the pair’s movement into tomorrow, as we said on the lack of data from Australia.

On Monday today as of 12:30 GMT, the Income Report from the US will be influencing the movement. US spending is expected to have inched higher to 0.5% in February from 0.2%. On 14:00 GMT US housing data and Pending Home Sales might be further support as housing activity is expected with some improvement. 

Originally posted here