The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
Traders need to watch Australian GDP
The Australian dollar has strongly depreciated in the recent months. The Reserve Bank of Australian doesn’t aim at a soon rate hike. It means that the AUD needs a support from other sources. As positive economic data always supports a currency, better GDP figures will lead to the rise of the AUD.
GDP is the broadest measure of a country’s economic health. Australian economic growth declined to 0.4% in the fourth quarter of 2017 from 0.7% in the previous quarter. It was the weakest growth rate since a contraction in the third quarter of 2016.
The economic data will be out at 4:30 MT time on June 6.
• If the data are greater than the forecast, the Australian dollar will appreciate.
• If the data are weaker than the forecast, the Australian dollar will go down.
Australia will release employment change and an unemployment rate on Thursday, October 14, at 03:30 MT (GMT+3).
What will happen? Reserve Bank of Australia will announce the interest rate at 07:30 (GMT+3) on Tuesday, September 7…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).