By FXEmpire.com

Analysis and Recommendation:

The AUD/USD is trading at 1.02992 on the strength of commodity currencies and the weakness of the greenback. US markets closed early on Tuesday and are closed on Wednesday to celebrate the 4th of July holiday.

The RBA at its recent meeting held its current key rate. The AUD has gained 0.2% following the release of a less dovish RBA statement along with the decision to maintain rates at 3.5%. While policymakers remain concerned about the weakened outlook for global growth, with regards to the domestic economy it was noted that output had risen ‘at a pace somewhat stronger than had been earlier indicated’. While AIG Services increased and this morning’s retail sales report showed a jump in sales. Building approvals reported well over forecast, all in all giving the Aussie some eco support.

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 Jul 3 – 4, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Jul 3

AUD

Building Approvals m/m

27.3%

5.1%

-7.6%

JPY

Average Cash Earnings y/y

-0.8%

0.6%

0.2%

AUD

Cash Rate

3.50%

3.50%

3.50%

USD

Factory Orders m/m

0.7%

0.1%

-0.7%

AUD

AIG Services Index

48.8

43.5

Jul 4

AUD

Retail Sales m/m

0.5%

0.3%

0.1%

Upcoming Economic Events that affect the AUD, NZD, JPY and USD

Date

Time

Currency

Event

Forecast

Previous

Jul 5

1:30

AUD

Trade Balance

-0.51B

-0.20B

12:15

USD

ADP Non-Farm Employment Change

101K

133K

12:30

USD

Unemployment Claims

385K

386K

14:00

USD

ISM Non-Manufacturing PMI

53.1

53.7

15:00

USD

Crude Oil Inventories

-0.1M

Jul 6

12:30

USD

Non-Farm Employment Change

92K

69K

12:30

USD

Unemployment Rate

8.2%

8.2%

Click here a current AUD/USD Chart.

Originally posted here