Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian CPI: Forex traders received some crucial inflation data out of Australia during the Asian trading session. As the last minutes from the Reserve Bank of Australia have indicated, the Australian central bank is now heavily data dependent for future monetary policy adjustments and inflation reports are among the most important ones. The CPI for the second-quarter rose by 0.7% which can be compared to the 0.2% increase from the previous report. The annualized inflation rate as measured by the CPI rose by 1.5% which can be compared to the 1.3% increases from the previous inflation report. While inflation did pick up, the increase was below the 0.8% quarterly increase and the 1.7% annualized increase which economists expected. The RBA Trimmed Mean CPI rose 0.6% quarter-over-quarter, which matched expectations for an increase of 0.6%, and 2.2% annualized which beat expectations for an increase of 2.1%. Forex traders can compare this to the 0.7% increase quarter-over-quarter and 2.3% annualized released in the previous report. The RBA Weighted CPI rose 0.5% quarter-over-quarter, which came in below expectations for an increase of 0.6%, and 2.4% annualized which beat expectations for an increase of 2.3%. Forex traders can compare this to the 0.8% increase quarter-over-quarter and 2.5% annualized released in the previous report.
- Australian Skilled Vacancies: The Australian labor market remains under pressure as skilled vacancies decreased by 0.9% in June monthly. Forex traders can compare this to the 1.1% contraction which was reported in May.
- Australian Westpac Leading Index: According to the Westpac Leading Index the Australian economy grinded to a standstill as this index came in flat for June. This marked an improvement over the 0.1% contraction which was reported in May.
Here are the key factors to keep in mind today for US Dollar trades:
- US Existing Home Sales: Economists expected a slowdown in the US housing market with an increase of 0.9% in existing home sales for June. This comes after a solid 5.1% increase which was reported in May.
- US House Price Index: The US House Price Index is expected to increase by 0.4% in May which would follow the 0.3% increase which was reported in April.
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.