Forex Pros – Last week saw the Australian dollar surge against a broadly weaker U.S. dollar, to hit a 6-week high by Friday's close, after mixed U.S. data on housing and employment claims.
Early in the week, Australia's prime minister, Julia Gillard called an election for Aug. 21, sparking speculation the central bank will refrain from raising borrowing costs in the run-up to the election.
AUD/USD hit 0.8970 on Friday, the pair's highest since May 14; the pair subsequently consolidated at 0.8943, jumping 3.15% over the week.
The pair is likely to find support at 0.8736, the low of July 22 and resistance at 0.9078, the high of May 10.
The week ahead will see the U.S. publish preliminary data on the country's gross domestic product, the leading indicator of economic growth. The U.S. will also produce a key weekly report on initial jobless claims while the Federal Reserve is to publish its Beige Book.
The country will also publish data on the housing and manufacturing sectors, inflation, consumer confidence and revised data on consumer sentiment and inflation expectations.
Meanwhile, Australia will publish data on its producer and consumer price indices as well as data on private sector credit and an index of the country's leading economic indicators.
Ahead of the coming week, Forex Pros has compiled a list of these and other significant events likely to affect the markets.
Early in the week, Australia's prime minister, Julia Gillard called an election for Aug. 21, sparking speculation the central bank will refrain from raising borrowing costs in the run-up to the election.
AUD/USD hit 0.8970 on Friday, the pair's highest since May 14; the pair subsequently consolidated at 0.8943, jumping 3.15% over the week.
The pair is likely to find support at 0.8736, the low of July 22 and resistance at 0.9078, the high of May 10.
The week ahead will see the U.S. publish preliminary data on the country's gross domestic product, the leading indicator of economic growth. The U.S. will also produce a key weekly report on initial jobless claims while the Federal Reserve is to publish its Beige Book.
The country will also publish data on the housing and manufacturing sectors, inflation, consumer confidence and revised data on consumer sentiment and inflation expectations.
Meanwhile, Australia will publish data on its producer and consumer price indices as well as data on private sector credit and an index of the country's leading economic indicators.
Ahead of the coming week, Forex Pros has compiled a list of these and other significant events likely to affect the markets.
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