Here is the key factor to keep in mind today for Australian Dollar trades:
- Australian GDP: Forex traders received the second-quarter GDP this morning which showed that the Australian economy expanded by 0.2% quarterly and 2.0% annualized. The RBA did mentioned in its latest minutes, for the meeting before the one earlier this week that GDP is likely to be slightly lower than previously expected as a result of the global cool down. Forex traders can compare this with the previous GDP report which showed a quarterly increase of 0.9% and an annualized increase of 2.3%. Economists predicted the GDP to increase by 0.4% quarterly and 2.2% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US ADP Employment Report: Todays ADP Employment Report is predicted to show 200,000 jobs were added in August in the private sector alone. Forex traders can compare this to the 185,000 jobs which were added in July. Should the ADP report come in above 200,000 it is very likely that the NFP report for August will deliver another headline figure above 200,000 as well.
- US Non-Farm Productivity and Unit Labor Costs: Another important report today is the Non-Farm Productivity and Unit Labor Costs for the second-quarter. This one is the revised report as the initial report was released and the data showed an increase of 1.3% in Non-Farm Productivity and an increase of 0.5% in Unit Labor Costs. Today’s revision is predicted by economists to show an increase of 2.8% in Non-Farm Productivity and a contraction of 1.0% in Unit Labor Costs. The contraction in unit labor costs is a big red flag which should worry Fed watchers.
- US Factory Orders: Economists predict factory orders for July to increase by 0.9%. This would be a disappointment and forex traders can compare this to the increase of 1.8% which was reported in June. The predicted increase would equal a 50% drop in factory orders which is not a good sign and forex traders need to take note of it.
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