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Key events ahead to close the week down - Westpac

FXStreet (Guatemala) - Analysts at Westpac Banking Corporation explained events taking place at the end of the week.

Key Quotes:

"Australia Aug housing finance will be released at 11:30am Syd/8:30 Sing/HK. Westpac is forecasting a jump of 7.5% m/m (market median 4.7%). Industry data is pointing to a surge in owner-occupier approvals in Aug when APRA’s ‘macroprudential’ measures and increased capital requirements led to tighter conditions for investor loans. The headline figure is the number of owner-occupier loans only, so it might be better to look at the value of total loans (including investors) given the distortions to the headline data.

Consensus for UK Aug trade balance is -£2.15bn from -£3.37bn. While the sterling has depreciated recently, the BoE highlighted in their minutes yesterday that the currency was still likely to weigh on import price growth and CPI. Canada Sep employment data will be released. Employment is expected to rise by 10k and the unemployment rate to remain at 7.0%. We should also see headlines out of the annual meetings of the IMF and the World Bank which conclude Sunday."

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Key levels for the day on AUD/USD, USD/JPY

AUD/USD has maintained its exceptionally strong bullish momentum, testing key resistance at 0.7275, while USD/JPY, on the other hand, remains confined in a choppy range awaiting the next catalyst. A summary of the key support and resistance levels for Friday on both pairs can be found below.
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