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Expectations of a rate hike this year in the US were revived by Fed Chair Yellen

Tuesday 30th August 2016

Australian Dollar:

The Australian dollar opens this morning at 0.7570 against the USD up slightly for the day. With the market still digesting comments out of the Jackson Hole symposium last week the currency movement was minimal. New Home Sales fell further than expected with the HIA New Home sales number showing a -9.7% reading along with comments that building activity is likely to decrease across the next couple of years. That number is followed up by the building approvals data which will be released this morning where the market is expecting a modest growth of 1.2%. The big data release that the market is waiting for is the US jobs numbers which are released on Wednesday night.

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Today's expected range

0.7525 - 0.7625
0.7200 - 0.7300
1.7190 - 1.7390

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Last Week Market Recap

Monday 29th August 2016

Extended its previous week’s losses last week, losing another fraction as asset flows favoured the Greenback with very little significant economic data out of Australia. The week began on a quiet note, with the pair gaining on Monday in the absence of any significant economic numbers from either country. Tuesday saw the rate consolidate at a slightly lower level after a better than expected U.S. New Home Sales number. The pair continued edging lower on Wednesday after Australian Construction Work Done declined -3.7% q/q compared to an expected decline of -1.9%, however, the previous number was upwardly revised from -2.6% to -0.3%. The rate then gained a fraction on Thursday despite better than expected U.S. Durable Goods Orders data. On Friday, the pair made both its weekly high of 0.7691, and its weekly low of 0.7550 as Fed Chair Yellen delivered a hawkish speech at the Jackson Hole Symposium. AUD/USD closed at 0.7563, with a loss of -0.8% for the week.    

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