Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Credit Card Purchases & Balances: Australian credit card purchases fell to AUD24.7 billion in July and credit card balanced decreased to AUD50.5 billion. Forex traders can compare this to June's credit card purchases of AUD25.5 billion and the downward revised credit card balances of AUD51.4 billion. The Australian consumer tries to contribute to a positive GDP figure, but shows first signs of weakness.
Here are the key factors to keep in mind today for New Zealand Dollar trades:
- New Zealand Performance Services Index: The service sector in New Zealand was able to expand in August as the Performance Services Index rose to 58.2. Forex traders can compare this to July's Performance Services Index which was reported at 56.6 following a revision higher.
Here are the key factors to keep in mind today for AUDNZD trades:
- Chinese Retail Sales: The Australian economy as well as the New Zealand economy are very dependent on commodity exports, especially to China which makes economic data out of China very important. Chinese economic data will influence the currencies of Australia and to a lesser degree New Zealand. Retail sales rose by 10.8% in August year-over-year and 10.5% year-to-date. Economists predicted an increase of 10.6% year-over-year and 10.4% year-to-date. Forex traders can compare this to July's increase of 10.5% year-over-year and 10.4% year-to-date.
- Chinese Industrial Production: Chinese industrial production rose by 6.1% in August year-over-year and 6.3% year-to-date. Economists predicted an increase of 6.5% year-over-year and 6.3% year-to-date. Forex traders can compare this to July's increase of 6.0% year-over-year and 6.3% year-to-date. The Chinese economy has been slowing down which has pressured commodity prices lower and negatively impact currencies in Australia as well as New Zealand.
- Chinese Fixed Assets Excluding Rural: Chinese Fixed Assets Excluding Rural decreased to 10.9% in August year-over-year. This was below the 11.2% increase predicted by economists. Forex traders can compare this to the 11.2% increase reported in July.
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