Here are the key factors to keep in mind today for Australian Dollar trades:

• Australian TD Securities Inflation: Australian inflation slowed down slightly as measured by TD Securities Inflation which rose 0.3% in April month-over-month and 1.4% annualized. Forex traders can compare this to the 0.4% increase reported in March month-over-month and 1.5% increase year-over-year.
• Australian ANZ Job Advertisements: The Australian labor market has picked up activity in April as ANZ Job Advertisements rose by 2.3% month-over-month. This compares to the 1.3% contraction reported in March month-over-month. A healthy labor market is a boost to the economy and therefore for the Australian Dollar.
• Australian Building Approvals: The housing market in Australia has performed much stronger than economist expected. Building approvals rose 2.8% in March month-over-month and 23.6% year-over-year. Economists expected a contraction of 1.5% month-over-month and an increase of 16.7% year-over-year. Forex traders can compare this to the upward revised contraction of 1.6% reported in February month-over-month and upward revised increase of 14.6% year-over-year.
• Chinese HSBC Manufacturing PMI: Given the heavy dependence on commodities by Australia and exports to China, every Chinese report has an influence on the Australian Dollar. The HSBC Manufacturing PMI for April was reported at 48.9 which was a big disappointment as economists were looking for an increase to 49.4 from the initially reported level of 49.2.

Here are the key factors to keep in mind today for US Dollar trades:

• New York ISM: With overall weakness around the US, today’s ISM report out of New York is not expected to report good news. In March the New York ISM was reported at 50.0, but forex traders should be prepared for a level below 50.0 as other reports have suggested that the trend in manufacturing as well as services is to the downside.
• US Factory Orders: Economists expect an increase of 2.0% in factory orders in March monthly-over-month. Forex traders can compare this to the 0.2% increase reported in February. Expectations appear very high if other economic reports are taken into account which makes this report a very interesting release which is expected to move the forex market late in today’s trading session.

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