Australia's GDP growth slowed in the fourth quarter, and retail sales grew less than expected, but investors are optimistic because of the statement by Reserve Bank Chairman Philip Lowe that the next change in rates will be more, and not less, as the economy moves in the right direction. This, in particular, indicates that the growth in spending in non-extractive industries is now the largest since the financial crisis. Nevertheless, for the time being, the central bank adheres to a neutral position. This week, the focus will be the speeches of RBA officials Michelle Bullock, Christopher Kent and Guy Debell. From a technical point of view, higher highs and lows indicate further strengthening of AUD/USD, which should reach at least 0.79.Monday, 12 March 2018
AUD/USD forecast for the week ahead
Australia's GDP growth slowed in the fourth quarter, and retail sales grew less than expected, but investors are optimistic because of the statement by Reserve Bank Chairman Philip Lowe that the next change in rates will be more, and not less, as the economy moves in the right direction. This, in particular, indicates that the growth in spending in non-extractive industries is now the largest since the financial crisis. Nevertheless, for the time being, the central bank adheres to a neutral position. This week, the focus will be the speeches of RBA officials Michelle Bullock, Christopher Kent and Guy Debell. From a technical point of view, higher highs and lows indicate further strengthening of AUD/USD, which should reach at least 0.79.
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