The major currency pairs including the Euro and the British Pound were trading in the bullish area at the start of the last week, after which good outcome of the economic indicators of the US including the new home sales data brought these pairs down. However, the losses were recovered by the majors later in the US session on Friday where the bulls entered the market and gave the closing well above the critical level hence keeping them good to buy.
The investors are looking forward to some important economic indicators that are to be released this upcoming week, where the Aussie investors are keeping a close eye on the new home sales data of the Australian economy and the Final manufacturing PMI of China, where better than expected outcome could lift the Aud/Usd considerably.
Moreover, building approvals of the past month for Australia is also due that would give a hint to the investors as to how the housing sector is being shaped within the economy. And finally, the interest rate and quarterly GDP data would be released on Tuesday and Wednesday respectively. Aud/Usd is currently trading in short term bearish channel where good outcomes of these fundamentals could change the situation totally.
Similarly, the investors for Pound are all concerned now as every first week of a new month is quite critical for the currency where the manufacturing, construction, and most importantly the services PMI data that contributes towards the economy nearly by 55%. Also, the asset purchase facility and interest rate data are also due this week where sudden changes in either of them could result in high volatility in the pair.
To contact the reporter of this story: Jonathan Millet at email@example.com