AUD – Australian Dollar
The AUD began to regain some of its losses after falling below the 0.75 low early in the week, to open at 0.7577 against the USD this morning. The USD rallied throughout the week as market sentiment weakened and demand for safe haven currencies such as USD was the main driver.
It’s a quiet week ahead for the Australian with no major macroeconomic news released. December 25 and 28 are public holidays.
Key movers
The final US GDP data released yesterday came back positive at 33.4% from a forecast of 33.1%. Although it is published quarterly, it is presented in an annualized format and shows the annual change in the inflation-adjusted value of all goods and services by the economy.
Canada also released its GDP data around midnight last night. This also came back positive at 0.4% against a forecast of 0.3%. GDP data is the broadest measure of economic activity and the primary indicator of the health of the economy.
We can expect a major move in the near future when the Organization of the Petroleum Exporting Countries (OPEC) and the Joint Ministerial Follow-up Committee (JMMC) meet on January 4 to discuss a range of market issues. energy and the amount of oil to be produced.
Expected beaches
AUD / CAD: 0.9650 – 0.9885 ▲
AUD / EUR: 0.6120 – 0.6400 ▼
GBP / AUD: 1.7480 – 1.8130 ▼
AUD / NZD: 1.0530 – 1.0795 ▲
AUD / USD: 0.7475 – 0.7710 ▲
