By ForexMansion.com

 

The Australian dollar has seen a significant appreciation versus the U.S. dollar during the last week, recorded a new several years high at 1.0372 on Thursday, as the demand for high-yielding currencies increased. Moreover, the outlook about the Australian economy improved, pushed the investors to prefer buying high-yielding currencies such as the Aussie.

Amid Japan’s nuclear crisis is still threatening the nation along with the market sentiment, the traders resorted to sell the yen and buy the Aussie.

The Australian dollar was supported to incline for eight straight days, after the Chinese fundamental data showed the manufacturing sector in China accelerated for the first time in four months, may increase orders for coal and iron ore.

The Australian dollar rose to its highest level against its U.S. counterpart since it was floated in 1983 on Wednesday, amid hopes that the global economic recovery will boost demand for commodities. Moreover, the AUD/USD recorded the highest level at 1.0372 and the lowest at 1.0204.

In the week ahead the Australian will continue its gains against the major currencies, as the economy is to accelerate this year, as overseas resources demand has increased, it will enforce the mining sector, supporting unemployment rates to decline and households spending to increase.

Major highlights for this week that will burden the AUD/USD pair’s trading:

All times are GMT

 

Monday April 4

The Australian economy will start the week by issuing its Melbourne Institute Monthly Inflation Gauge at 00.30.

Further, the Australian economy will release its ANZ job advertisements reading for the month of April at 01.30, note the ANZ Job Advertisements Series, which shows the total number of jobs advertised in major metropolitan newspapers and on the internet, while the previous reading was the tenth consecutive month rise in total job advertisements.

This data has a strong impact on the pair, where the pair will incline if the economy recorded its tenth rise

 

Tuesday April 5

The economy will issue a number of important fundamental data, where it is to release its trade balance for the month of February at 01.30; also the Reserve Bank of Australia will release its decision about the benchmark interest rate in April, expected to keep the rates steady at 4.75%, which has a huge impact on the pair that could push the AUD to increase against the USD. 

At mean time, the US economy will present its ISM Non-manufacturing index for March at 14.00, while the prior reading released with an actual 59.7; note this index shows the business conditions in the US non-manufacturing sector, so the traders are very caring for it. While the Federal Open Market Committee (FOMC) to issue its minutes at 18.00.

 

Wednesday April 6

Australiawill show the home loans reading for the month of February, which indicates about consumer confidence as large housing loans are taken.

 

Thursday April 7

The Australian economy continues its releasing for an important fundamental data this week, where it is to release key data on Unemployment rate for the month of March at 01.30.

We can see that the economy will add more jobs in March, as energy spurs investment spending companiessuch as Chevron Corp. project, generating more than 5000 jobs, which could support the pair to rise.

On the other hand, The US economy will issue its initial jobless claims, while the economy has added 388000 workers in a previous month, which is a measure of the number of people filing first-time claims for state unemployment insurance.

 

 

Friday April 8

The Australian economy won’t release any fundamental data, while the US economy will end the week by issuing its wholesale inventories index for the month of February that forecasted to show an incline by 1.2%, more than a previous reading 1.1% in January. 

Originally posted here