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AUD/USD Daily Forecast - 07 December

Tuesday, Dec 06 2016
AUD/USD Daily Forecast - 07 December

Yesterday's session was marked by RBA interest rate decision and the following statement. Taking account of the available information, and having eased monetary policy earlier in the year, the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time. Inflation remains quite low. The continuing subdued growth in labour costs means that inflation is expected to remain low for some time, before returning to more normal levels.cLow interest rates have been supporting domestic demand and the lower exchange rate since 2013 has been helping the traded sector..

In the US session Trade Balance figures were released. The U.S. trade deficit recorded its biggest increase in more than 1-1/2 years in October as exports of soybeans and other products fell, suggesting trade would be a drag on growth in the fourth quarter. The Commerce Department said on Tuesday the trade gap rose 17.8 percent, the largest increase since March 2015, to $42.6 billion. Higher imports due to rising domestic demand also contributed to the widening of the deficit. When adjusted for inflation, the deficit rose to $60.3 billion from $54.2 billion in September.

 

Focus of tomorrow's session will be on Australian GDP figures. Analysts predict 0.2% growth. There will be no major data releases in the US part of the session.

 

Figures to watch:

 

GDP (Wednesday 1:30)

Last modified on Wednesday, 07 December 2016
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