9-1 Economic Calendar
Australian Q2 GDP
The 2nd quarter Gross Domestic Product report from Down Under came in better than expected, once again underlining the global demand for commodities and the strength of the mining industry, as well as the relative strength of the Australian consumer and housing markets. The AUD/USD popped through the .8930 level where we saw some resistance earlier and is moving toward the 90 cent handle following the release.
- GDP (QoQ) – Survey:0.9% Actual:1.2% Prior:0.5%
- GDP (YoY) – Survey:2.8% Actual:3.3% Prior:2.7%
China’s August PMI Manufacturing
China’s August PMI Manufacturing came in slightly better than expected at 51.7 versus the estimate at 51.5 and the prior reading at 51.2. This report continues to paint a growth picture out of China (although the indicator is trending lower) with the USD/JPY receiving the best bid off of the release. On a very short-term outlook we see the pair approaching the 15-200min mavg and 38.2% retracement of this week’s move, where the pair could find some sellers.
AIG Performance of Manufacturing
The AIG Performance of Mfg Index fell by 2.7 points to 51.7 in August, based in part on slower growth in production and new orders. Although this is the 8th consecutive month of expansion in the index, uncertainty in the government and the impact of a strong Aussie is containing growth in the Manufacturing sector. On an hourly chart we saw the AUD/USD find some resistance and move lower from the 38.2% retracement following the weaker release.
The End of Day/Month Forex Commentary looks EURUSD, GBPUSD and USDJPY
USDCHF reaches intraday target against MA level.
Minutes of the Federal Open Market Committee
Minutes of the Federal Open Market Committee. The full text from the Fed.
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