• FED funds rate & NFP figures are the two key focuses this week for the US. No key AU data.
• Aussie is currently sitting around mid 63c, showing signs of consolidation & a potential breakout.
• Expecting the AUDUSD to range between 0.6270 and 0.6400 this week on technical analysis.
• The US market is heavy with data this week.
• USD can remain supported by positive results coming from the data.
• FOMC is likely to keep rates on hold, which may not provide material strength to the USD.
• Non-Farm Payrolls, outperformance may strengthen the USD, especially if the unemployment rate falls.
• The Middle Eastern war in Gaza remains a risk and can potentially continue its support on the USD.
• AUD/USD will likely take its cues from the USD this week.
• There are signs of AUD weakness, however, the technical charts suggest consolidation with a potential breakout at this stage.
• However, there are no major AU events this week that could potentially influence the currency pair.
• Global events will likely shape the pair this week.
| Economic Calendar: Mon 30th October 2023 – 3rd November 2023 (High Impact) (AU/US) | |||||
| Day | Time (AEDT) | Event | Country | Forecast | Previous |
| Tues | 11:30pm | Employment Cost Index q/q | US | 1.0% | 1.0% |
| Wed | 1:00am | CB Consumer Confidence | US | 100.1 | 103.0 |
| 11:15pm | ADP Non-Farm Employment Change | US | 141K | 89K | |
| Thur | 1:00am | ISM Manufacturing PMI | US | 49.0 | 49.0 |
| JOLTS Job Openings | US | 9.27M | 9.61M | ||
| 5:00am | Federal Funds Rate / Conference | US | 5.50% | 5.50% | |
| 11:30pm | Unemployment Claims | US | 210K | 210K | |
| Fri | 11:30pm | Non-Farm Payroll – Change | US | 182K | 336K |
| Unemployment Rate | US | 3.8% | 3.8% | ||
| Sat | 1:00am | ISM Services PMI | US | 53.2 | 53.6 |
Source: forexfactory.com