“Only a sustained close above 1.0470/90 and 1.0670 would put this scenario on hold and target resistance at 1.0857 (29th Feb high)”, wrote MIG Bank analyst Howard Friend, favoring further weakness beneath 1.0230, 1.0146 and then parity.
The much expected RBA interest rate decision is scheduled for May 1. The central bank might ease its monetary policy with a rate cut. Analysts are divided between 25bp and 50bp cut.
Economic Events to watch for April 30, 2012
13:30 USD Core PCE Price Index
The Core Personal Consumption spending (PCE) Price Index measures the changes in the price of goods and services purchased by consumers for the purpose of consumption, excluding food and energy. Prices are weighted according to total expenditure per item. It measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
14:45 USD Chicago PMI
The Chicago Purchasing Managers’ Index (PMI) determines the economic health of the manufacturing sector in Chicago region. A reading above 50 indicates expansion of the manufacturing sector; a reading below indicates contraction. The Chicago PMI can be of some help in forecasting the ISM manufacturing PMI.
21:30 AUD House Price Index
The Australian House Price Index (HPI) measures the change in the selling price of homes in the nation’s eight state capitals. It is a leading indicator of health in the housing sector.
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