Aussie/Dollar inches up to 0.7146 (a 0% gain) after closing the previous session at zero .
Trading week at a glance - AUD/USD is up to 0.7146, after closing yesterday at zero. Overall, a 0% move or 7,145 pips this week. (Start trading Aussie/Dollar at FXTM today).
The Australian dollar upside coincides with further encouraging market factors as following a previous reading of -1.6, Pending Home Sales (MoM) (Apr) in United States released yesterday at 2:00 PM fell short of the -2 figure expected by analysts with an actual reading of -3.9. GDP (QoQ) (Q1) in United States fell short of the -1.3 projection with -1.5 and continued its downward trajectory from previous figure of -1.4. Initial Jobless Claims in United States fell short of the 215,000 projection with 210,000 and continued its downward trajectory from previous figure of 218,000.
Nevertheless Australia Retail Sales (MoM) (Apr) matches expectations with new data release of 0.9. This is a step backward from the previous data of 1.6.
At the same time, Private New Capital Expenditure (QoQ) (Q1) in Australia fell short of the 1.5 projection with -0.3 and continued its downward trajectory from previous figure of 2.3.
Outlook for rest of the week: The market is looking forward to the release of new data: Australia's new GDP (QoQ) (Q1) data will be available Wednesday. Data is expected to decline to three from its previous value of 3.4. Australia Company Gross Operating Profits (QoQ) (Q1) is projected to rise to three, beating the previous two figure. Official data is expected Tuesday. Australia Current Account (Q1) is projected to outperform its last figure with 14.9 billion. It previously stood at 12.7 billion, and data will be released Tuesday.