Investing.com – Last week saw the Australian dollar surge to a fresh 26-month high against its U.S. counterpart on Friday, amid speculation that the Federal Reserve was likely to provide fresh stimulus for the faltering U.S. economy.
AUD/USD hit 0.9749 on Friday, the pair's highest since July 23, 2008; the pair subsequently consolidated at 0.9719 by close of trade, jumping 1.19% over the week.
The pair is likely to find support at 0.9558, the low of September 28 and resistance at 0.9791, the high of July 22, 2008.
On Friday, Federal Reserve Bank of New York President William Dudley, speaking in relation to the U.S. economy said that "The current situation is wholly unsatisfactory". Meanwhile, Chicago Fed President Charles Evans said that further steps to stimulate the U.S. economy may be "desirable".
Meanwhile, the Reserve Bank of Australia’s financial stability review released on Thursday gave further indication that the country’s central bank was expected to raise its benchmark interest rate when monetary policy board members meet later in the week.
Next week, the U.S. is due to release the closely watched ADP report on non-farm employment change ahead of Friday's government data on non-farm payrolls. In addition, the country is to release official data on initial jobless claims, manufacturing activity and pending home sales.
Meanwhile, the Reserve Bank of Australia is to announce its benchmark interest rate on Tuesday, while the country is also set to publish a report on employment change and the country's unemployment rate.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect AUD/USD.
Monday, October 4
The U.S. is to start the week by releasing official data on pending home sales and factory orders, while Federal Reserve Chairman Ben Bernanke is due to deliver a speech at a public engagement. His comments will be closely scrutinized for any clues to the future direction of monetary policy.
Meanwhile, Australia is due to publish industry data on its services sector.
Tuesday, October 5
The U.S. is due to release official data on services sector growth, a leading indicator of economic health.
Meanwhile, the Reserve Bank of Australia will announce its benchmark interest rate. The country will also produce official data on its trade balance, as well as a report on retail sales and business confidence.
Wednesday, October 6
The U.S. is to release a report on ADP non-farm employment change. This data is viewed as an accurate prediction of the governments report on non-farm payrolls released two days later. Also Wednesday, the U.S. is to publish data on crude oil inventories.
Later in the day, Australia is due to publish a report on activity in its construction sector.
Thursday, October 7
The U.S. is to release key weekly data on initial jobless claims as well as official data on consumer credit and natural gas inventories.
Meanwhile, Australia is to release official government data on employment change, as well as the country's unemployment rate, while the Reserve Bank of Australia is due to publish its annual report, which provides a summary of the prior year's operations.
Friday, October 8
The U.S. is to end the week by producing data on non-farm employment change and a report on the country's unemployment rate, both leading indicators of overall economic health.
AUD/USD hit 0.9749 on Friday, the pair's highest since July 23, 2008; the pair subsequently consolidated at 0.9719 by close of trade, jumping 1.19% over the week.
The pair is likely to find support at 0.9558, the low of September 28 and resistance at 0.9791, the high of July 22, 2008.
On Friday, Federal Reserve Bank of New York President William Dudley, speaking in relation to the U.S. economy said that "The current situation is wholly unsatisfactory". Meanwhile, Chicago Fed President Charles Evans said that further steps to stimulate the U.S. economy may be "desirable".
Meanwhile, the Reserve Bank of Australia’s financial stability review released on Thursday gave further indication that the country’s central bank was expected to raise its benchmark interest rate when monetary policy board members meet later in the week.
Next week, the U.S. is due to release the closely watched ADP report on non-farm employment change ahead of Friday's government data on non-farm payrolls. In addition, the country is to release official data on initial jobless claims, manufacturing activity and pending home sales.
Meanwhile, the Reserve Bank of Australia is to announce its benchmark interest rate on Tuesday, while the country is also set to publish a report on employment change and the country's unemployment rate.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect AUD/USD.
Monday, October 4
The U.S. is to start the week by releasing official data on pending home sales and factory orders, while Federal Reserve Chairman Ben Bernanke is due to deliver a speech at a public engagement. His comments will be closely scrutinized for any clues to the future direction of monetary policy.
Meanwhile, Australia is due to publish industry data on its services sector.
Tuesday, October 5
The U.S. is due to release official data on services sector growth, a leading indicator of economic health.
Meanwhile, the Reserve Bank of Australia will announce its benchmark interest rate. The country will also produce official data on its trade balance, as well as a report on retail sales and business confidence.
Wednesday, October 6
The U.S. is to release a report on ADP non-farm employment change. This data is viewed as an accurate prediction of the governments report on non-farm payrolls released two days later. Also Wednesday, the U.S. is to publish data on crude oil inventories.
Later in the day, Australia is due to publish a report on activity in its construction sector.
Thursday, October 7
The U.S. is to release key weekly data on initial jobless claims as well as official data on consumer credit and natural gas inventories.
Meanwhile, Australia is to release official government data on employment change, as well as the country's unemployment rate, while the Reserve Bank of Australia is due to publish its annual report, which provides a summary of the prior year's operations.
Friday, October 8
The U.S. is to end the week by producing data on non-farm employment change and a report on the country's unemployment rate, both leading indicators of overall economic health.