Forecast: How will Australia home loans data affect AUD/USD?

ForexNewsNow | Published on October 8, 2010 at 2:03 pm

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Indicator analysis - Australia home loansNEW YORK (Forex News Now) – Australia’s statistics bureau is due on Monday to publish a report on the change in the number of new loans granted for owner-occupied homes in August, in one of the day’s major realtime FX news events.

The Australian Bureau of Statistics is expected to say such loans grew 1.1 percent during the month, after an increase of 1.7 percent in July, according to two currency market trading news outlets.

The bureau is scheduled to release the report at 12:30 A.M., GMT; as such, the data is likely to dominate Asian currency market trading.

According to intraday analysis, should the data show a greater-than-expected increase in home loans, AUD/USD could be lifted toward resistance around Thursday’s record high, 0.9917.

But if the data show a weaker-than-forecast growth in loans, or even drop, the currency pair could be pushed toward support around Friday’s low, 0.9701.

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