Will AUD Exchange Rates React to Australian Credit Data?

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  • Australian Private Sector Credit Data Ahead Quiet data week comes to an end.
  • Pound Sterling Stalls amid Lack of Compelling Releases – Limited Brexit developments also supress movement.
  • EUR Undermined by Italian Budget Delay – Reports of a row between ruling parties over the size of the country’s deficit targets.
  • USD Gains on Bumper US Goods Data – US goods orders rebound sharply in August.

How will AUD Exchange Rates End the Week?  

It’s been one long dull week in terms of influential Australian data. While we haven’t exactly got a jam-packed calendar today, there is one domestic release with the potential to impact AUD exchange rates – Australia’s private sector credit figures for August.

Private sector credit is believed to have slipped from 4.4% to 4.3% on the year.

China’s Caixin PMI may also have an impact on the Australian Dollar, with a decline in the index potentially sending AUD exchange rates lower.

Pound Sterling (GBP) Exchange Rates Flat Amid Lull in Data

Trade in the Pound (GBP) was mixed on Thursday, with the absence of any major data and limited Brexit developments leaving Sterling without any catalyst for movement.
Today’s session could see the Pound firm with the release of the UK’s latest GDP figures as they are expected to confirm Britain’s economy expanded 0.4% in the second quarter.

EUR Exchange Rates Dip Amid Italian Budget Worries

Euro (EUR) exchange rates came under a little pressure yesterday as the single currency was undermined by reports that Italy’s budget may be delayed due to disagreements between the ruling parties.

The row heightened concerns amongst investors that Italy’s coalition could push for a larger deficit target, much to the chagrin of the EU.

However the Euro may look to recoup its losses today as economists forecast the Eurozone’s latest CPI flash reading will show an uptick in both headline and underlying inflation this month.

USD Exchange Rates Benefit from Impressive US Goods Orders

The US Dollar rallied across the board on Thursday thanks to a rebound in US durable goods orders.

The data revealed order growth rebounded sharply last month, rocketing from -1.2% to 4.5%, beating expectations of a more modest expansion 2% and rising at their fastest pace since February.

The US Dollar accordingly climbed by over 0.5% against most the majors.

Looking ahead, the US Dollar could continue to accelerate before the weekend should the Federal Reserve’s preferred measure of inflation, the PCE price index have risen in line with expectations in August.

Growth Data to Drive CAD Exchange Rates before the Weekend

Today’s Canadian growth data could spark a flurry of CAD movement before the weekend.

While GDP is believed to have risen 0.1% on the month in July (following stagnation in June) growth is forecast to slow from 2.4% to 2.2% on an annual basis. Better-than-expected results would be Canadian Dollar-supportive.

Other Canadian stats to look out for include the nation’s industrial product price and raw material price indexes.  

Meanwhile CAD investors will be paying close attention to Canada’s GDP figures later this afternoon, with the ‘Loonie’ expected to tumble should the country record another month of stagnant growth.

NZD Exchange Rate Lower after RBNZ Decision

The New Zealand Dollar weakened in the wake of the Reserve Bank of New Zealand’s (RBNZ) latest interest rate decision, with the central bank failing to alleviate concerns that a rate cut could be on the cards.

Further NZD losses could occur in the hours ahead if New Zealand’s Consumer Confidence index shows another decline in sentiment.

Data Released

07:45 CAD Poloz Speech in New Brunswick
08:00 NZD Consumer Confidence Index (SEP)
08:45 NZD Building Permits
09:01 GBP GfK Consumer Confidence
11:30 AUD Private Sector Credit
11:45 CNY Caixin China PMI (SEP)
17:55 EUR German Unemployment Change (Jul)
18:30 GBP Gross Domestic Product (2Q)
19:00 EUR Eurozone Consumer Price Index
22:30 CAD Gross Domestic Product
22:30 USD Personal Consumption Expenditure

Post by TorFX

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