Investing.com – Last week saw the Australian dollar post its largest weekly decline against its U.S. counterpart since August as renewed concerns over sovereign debt in peripheral euro zone nations hit growth linked currencies.
AUD/USD hit 0.9824 on Friday, the pair’s lowest since November 1; the pair subsequently consolidated at 0.9845 by close of trade, plunging 3.02% over the week.
The pair is likely to find support at 0.9651, the low of October 27 and resistance at 1.0090, last Thursday’s high.
On Thursday, official data showed that Australian employment rose significantly more-than-expected in October but the unemployment rate also rose as the rapidly growing economy drew more people in to the workforce.
The data showed 29,700 net new hires, above the 20,200 forecast, though full-time employment dropped 14,100 after a big rise the month before. The jobless rate rose to 5.4%, from 5.1%, defying expectations of a drop to 5.0%.
Meanwhile, U.S. preliminary data released Friday showed that consumer confidence rose more-than-expected in November. The Reuters/University of Michigan consumer-sentiment index's preliminary reading for November rose to 69.3 from October's reading of 67.7. Analysts had expected the index to rise to 69.1 in November.
Next week, the U.S. is to release a raft of data with reports on retail sales, inflation, manufacturing, foreign investment and building permits. The country is also to release key weekly data on initial jobless claims and the chairman of the Federal Reserve is to speak at a public engagement.
Meanwhile, Australia is to publish data on new vehicle sales, wage prices, and a leading economic index. The central bank is also to publish the minutes of the most recent monetary policy committee meeting.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, November 15
Australia is to begin the week with official data on new vehicle sales, a leading indicator of consumer confidence.
Also Monday, the U.S. is to publish key monthly data on retail sales, a leading indicator of consumer spending which accounts for about 70% of all economic activity. In addition, the Federal Reserve Bank of New York is to publish its monthly manufacturing index, a leading indicator of economic health. The country is also to publish data on business inventories.
Tuesday, November 16
The U.S. is to publish key data on producer prices, a leading indicator of consumer inflation, as well as government data on the difference in value between foreign long-term securities purchased by U.S. citizens and U.S. long-term securities purchased by foreigners. The country is also to release official data on industrial production, a leading indicator of economic health as well as data on the capacity utilization rate.
The Reserve Bank of Australia is to publish the minutes of the November meeting of its monetary policy committee. The minutes provide in-depth insight into the economic conditions that influenced the decision on where to set interest rates. Later in the day, the country is to publish an index of leading economic indicators, designed to predict the future direction of the economy.
Wednesday, November 17
The U.S. is to publish official data on consumer price inflation, which accounts for the majority of overall inflation. The country is also to release official data on building permits and housing starts, both leading indicators of health in the housing sector as well as a report on crude oil inventories.
In addition, Australia is to publish quarterly data on its wage price index, a leading indicator of consumer inflation.
Thursday, November 18
The U.S. is to release key weekly data on initial jobless claims, while the Federal Reserve Bank of Philadelphia is due to release a report on the city’s manufacturing sector. The country is also due to publish an index of leading economic indicators, designed to predict the future direction of the economy, as well as a report on natural gas inventories.
Friday, November 19
The chairman of the Federal Reserve Ben Bernanke is to speak at a conference in Frankfurt, his comments will be closely watched for any clues to the future direction of monetary policy.
AUD/USD hit 0.9824 on Friday, the pair’s lowest since November 1; the pair subsequently consolidated at 0.9845 by close of trade, plunging 3.02% over the week.
The pair is likely to find support at 0.9651, the low of October 27 and resistance at 1.0090, last Thursday’s high.
On Thursday, official data showed that Australian employment rose significantly more-than-expected in October but the unemployment rate also rose as the rapidly growing economy drew more people in to the workforce.
The data showed 29,700 net new hires, above the 20,200 forecast, though full-time employment dropped 14,100 after a big rise the month before. The jobless rate rose to 5.4%, from 5.1%, defying expectations of a drop to 5.0%.
Meanwhile, U.S. preliminary data released Friday showed that consumer confidence rose more-than-expected in November. The Reuters/University of Michigan consumer-sentiment index's preliminary reading for November rose to 69.3 from October's reading of 67.7. Analysts had expected the index to rise to 69.1 in November.
Next week, the U.S. is to release a raft of data with reports on retail sales, inflation, manufacturing, foreign investment and building permits. The country is also to release key weekly data on initial jobless claims and the chairman of the Federal Reserve is to speak at a public engagement.
Meanwhile, Australia is to publish data on new vehicle sales, wage prices, and a leading economic index. The central bank is also to publish the minutes of the most recent monetary policy committee meeting.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, November 15
Australia is to begin the week with official data on new vehicle sales, a leading indicator of consumer confidence.
Also Monday, the U.S. is to publish key monthly data on retail sales, a leading indicator of consumer spending which accounts for about 70% of all economic activity. In addition, the Federal Reserve Bank of New York is to publish its monthly manufacturing index, a leading indicator of economic health. The country is also to publish data on business inventories.
Tuesday, November 16
The U.S. is to publish key data on producer prices, a leading indicator of consumer inflation, as well as government data on the difference in value between foreign long-term securities purchased by U.S. citizens and U.S. long-term securities purchased by foreigners. The country is also to release official data on industrial production, a leading indicator of economic health as well as data on the capacity utilization rate.
The Reserve Bank of Australia is to publish the minutes of the November meeting of its monetary policy committee. The minutes provide in-depth insight into the economic conditions that influenced the decision on where to set interest rates. Later in the day, the country is to publish an index of leading economic indicators, designed to predict the future direction of the economy.
Wednesday, November 17
The U.S. is to publish official data on consumer price inflation, which accounts for the majority of overall inflation. The country is also to release official data on building permits and housing starts, both leading indicators of health in the housing sector as well as a report on crude oil inventories.
In addition, Australia is to publish quarterly data on its wage price index, a leading indicator of consumer inflation.
Thursday, November 18
The U.S. is to release key weekly data on initial jobless claims, while the Federal Reserve Bank of Philadelphia is due to release a report on the city’s manufacturing sector. The country is also due to publish an index of leading economic indicators, designed to predict the future direction of the economy, as well as a report on natural gas inventories.
Friday, November 19
The chairman of the Federal Reserve Ben Bernanke is to speak at a conference in Frankfurt, his comments will be closely watched for any clues to the future direction of monetary policy.