AUD/USD Fundamental Analysis May 29, 2012 Forecast

By FXEmpire.com

Analysis and Recommendation: (close of Asian session)

The AUD/USD is trading at its highest level in almost a week as hopes grow that Greece will elect a pro-bailout party on June 17 and stay in the euro zone. The Aussie was trading at 0.9852. On what is a very light volume day, with little in global eco data and the US markets closed, the AUD was able to take advantage after most investors positioned themselves or left the markets mid day on Friday, as the US celebrates the Memorial Weekend holiday.

With three weeks to go before the Greek elections, opinion polls show that the two mainstream parties in favor of bailout programs could be able to form a coalition government after June 17, which at present is only of the possible scenarios.

This being the end of the month, there will be a slew of eco data released beginning on May 30^th which will have a direct affect on the AUD and the strength of the USD,

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.

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

Date	Time	Currency	Previous
May 29	TBD	AUD	HIA New Home Sales m/m	-9.4%
	13:00	USD	S&P/CS Composite-20 HPI y/y	-3.5%
	14:00	USD	CB Consumer Confidence	69.2
	22:45	NZD	Building Consents m/m	19.8%
May 30	1:30	AUD	Retail Sales m/m	0.9%
	1:30	AUD	Construction Work Done q/q	-4.6%
	14:00	USD	Pending Home Sales m/m	4.1%
	23:50	JPY	Prelim Industrial Production m/m	1.3%
May 31	1:00	NZD	NBNZ Business Confidence	35.8
	1:30	AUD	Building Approvals m/m	7.4%
	1:30	AUD	Private Capital Expenditure q/q	-0.3%
	1:30	AUD	Private Sector Credit m/m	0.4%
	1:30	JPY	Average Cash Earnings y/y	1.3%
	12:15	USD	ADP Non-Farm Employment Change	119K
	12:30	USD	Prelim GDP q/q	2.2%
	12:30	USD	Unemployment Claims	370K
	13:45	USD	Chicago PMI	56.2
	15:00	USD	Crude Oil Inventories	0.9M
	23:50	JPY	Capital Spending q/y	7.6%
Jun 1	12:30	USD	Non-Farm Employment Change	115K
	12:30	USD	Unemployment Rate	8.1%
	12:30	USD	Core PCE Price Index m/m	0.2%
	12:30	USD	Personal Spending m/m	0.3%
	14:00	USD	ISM Manufacturing PMI	54.8

Click here to read AUD/USD Technical Analysis.

Originally posted here