AUD/USD posted slight losses for a second straight week, as the pair closed at 0.7539. This week’s key event is Employment Change. Here is an outlook on the major market-movers and an updated technical analysis for AUD/USD.
In the US, a sparkling jobs report has virtually ensured a rate hike coming next week. Still, wage growth disappointed, falling short of the forecast. In Australia, the RBA maintained rates at 1.50%. As well, Retail Sales improved to 0.4%, matching the estimate.
Updates
AUD/USD daily graph with support and resistance lines on it. Click to enlarge:
NAB Business Confidence: Tuesday, 00:30. The indicator jumped to 10 points January, indicative of stronger optimism. Will the upswing continue in the February report?
Chinese Industrial Production: Tuesday, 2:00. There was no release in February due to the Chinese New Year, so the upcoming release will include January and February data. The estimate stands at 6.2%.
Westpac Consumer Sentiment: Tuesday, 23:30. Consumer Confidence came in at 2.3% in March, its strongest gain since May 2016. Stronger consumer confidence should translate into higher consumer spending, a key component of economic growth.
New Motor Vehicle Sales: Wednesday, 00:30. This important consumer spending indicator gained 0.6% in February, marking a 4-month high. The indicator has posted two straight gains, breaking a trend of two consecutive declines.
MI Inflation Expectations: Thursday, 00:00. Analysts use this indicator to help predict actual inflation data. The indicator dipped to 4.1% in February, compared to 4.3% in the previous release.
Employment Change: Thursday, 00:30. This is one of the most important indicators, and an unexpected reading can affect the movement of AUD/USD. The unemployment rate is expected to remain at 5.7%.
RBA Bulletin: Thursday, 00:30. This minor report is released quarterly. It contains an analysis of current and future economic conditions.
