Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian AiG Performance of Manufacturing Index: The Australian manufacturing sector rebounded in May as the AiG Performance of Manufacturing Index rose to 52.3. Forex traders can compare this to the 48.0 which was reported in April. A level above 50.0 points towards expansion in the sector whiles a level below 50.0 points towards contraction.
- Australian TD Securities Inflation: Inflation as measured by TD Securities remained unchanged in May as compared to April. TD Securities Inflation rose 0.3% monthly and posted an annualized increase of 1.4% which matched expectations.
- Australian Company Operating Profits and Inventories: The first-quarter marked a much strong quarter than economists expected. Company operating profits rose by 0.2% quarterly and inventories rose 0.4%. Economists expected operating profits to come in flat while inventories were expected to rise by only 0.1%. Forex traders can compare this to the downward revised operating losses of 0.4% reported in the previous quarter and the 0.8% contraction in inventories.
- Australian Building Approvals: The Australian housing sector continues to slow down. Building approvals dropped by 4.4% in April monthly, but rose 16.3% annualized. Economists were looking for a monthly contraction of only 1.8% and an annualized increase of 20.5%. This can be compared to the upward revised increase of 2.9% reported in March and the upward revised annualized increase of 24.6%.
Here are the key factors to keep in mind today for US Dollar trades:
- US Personal Income and Spending: Economists expect a mixed report today with an increase in personal income of 0.3% in April, but a slowdown in personal spending to 0.2%. This compares to the 0.0% in personal income reported for March when personal spending rose 0.4%. The slowdown in personal spending could drop the US Dollar if confirmed.
- US ISM Manufacturing Index: The ISM Manufacturing Index is expected to rise to 52.0 in May which can be compared to April’s level of 51.5. This would suggest a pick-up in the US manufacturing sector. Prices Paid are expected to rise to 43.0 from 40.5, but this continues to paint a deflationary picture.
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
