USD Trading Outlook (03-06-2015)

AUD has hit new weekly highs peaking around 0.7800 in the Asian session after Australian GDP data releases exceeded expectations. GDP increased 0.9% in the first quarter against a lower forecasted level of 0.7%. Economic growth has increased to 2.3% year on year compared to 2.1% .

Upcoming data releases significant for to the AUD are Retail sales at 01:30 GMT on Thursday 4^th June alongside Trade Balance figures. If the data releases are better than expected, we may expect to see the AUD rally and test the next level of resistance at 0.7860.

EUR rallied to 1.1188 in European and NY session on the back of German bund sell off and stops run amidst thin liquidity after positive news on Euro area core CPI. Most Traders will more concern about if Greece can make its repayment on 5^the June and the ECB Meeting at 12:30 GMT.

Today we have ADP Non-Farm Employment Change forecast number 198K at 12:15 GMT and ECB Meeting at 12 :30 GMT.

Trading quote of the day: “Successful investing is anticipating the anticipations of others.” – John Maynard Keynes