Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian Westpac Consumer Confidence: The Australian consumer continues to lose confidence as the Westpac Consumer Confidence decreased again. This is a bearish sign for the Australian economy as consumer spending is a key part of the domestic economy. Westpac Consumer Confidence decreased by 3.2% to 92.2 for July. Forex traders can compare this with the 6.9% contraction to 95.3 which was reported for June. A healthy level suggesting strength is a Westpac Consumer Confidence reading above 100.0.
- Australian New Motor Vehicle Sales: Despite the continued contraction in consumer confidence, the automobile market in Australia has performed well in June. New motor vehicle sales rose 3.8% month-over-month and 4.0% year-over-year. This can be compared to the contraction of 0.8% month-over-month which was reported in May and the year-over-year increase of 1.0%.
Here are the key factors to keep in mind today for US Dollar trades:
- US PPI: While many are focused more on the CPI report, today’s PPI should not be pushed aside as insignificant. Economists expect an increase 0.2% for June monthly and a contraction of 0.9% annualized. Forex traders can compare this to the monthly increase of 0.5% which was reported in May and the year-over-year contraction of 1.1%. The core PPI is expected to increase by 0.1% month-over-month and by 0.7% year-over-year. The core PPI, which is the PPI excluding food and energy, excluding trade is expected to increase by 0.1% in June month-over-month and by 0.6% year-over-year. Forex traders can compare this to the contraction of 0.1% which was reported in May month-over-month and increase of 0.6% year-over-year.
- US Industrial & Manufacturing Production: Economists expect an increase of 0.2% in industrial production for June and an increase of 0.1% in manufacturing production. This would be a reversal from the previous month when industrial production contracted by 0.2% and manufacturing production decreased by 0.2% as well. Capacity Utilization is expected to remain unchanged at 78.1%.
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