Please note that the commentary below is factual information provided to a group of readers as a web blog, and where an opinion is expressed by the author, it is GENERAL ADVICE only.
AUD Edges Lower:
Trump has decided to speak again, and in doing so provided further uncertainty about tariffs and the actual progress being made in a trade deal with China. As a result, and not surprisingly, the AUD has eased against most of the majors while U.S equities were a bit stop and start eventually finishing the overnight session flat.
Wages Data Due:
Local wages data is due at 11.30am and is tipped to show quarterly wages growth of around 0.5% – a far cry from the consistent average of around 1% through the 2000’s. More recently and since 2016 the average quarterly wages growth has been around 0.4-0.5% and it explains a lot why consumer spending remains subdued and the why the RBA have been so keen to continue to cut rates in a bid to stimulate both spending but also wages growth.
UK and U.S CPI figures are due at 8.30pm and 12.30am respectively.
AUD EXCHANGE RATES:
AUD/USD – 0.6809
AUD/GBP – 0.5291
AUD/EUR – 0.6181
AUD/NZD – 1.0772
AUD/JPY – 74.226
All Ords (XAO) – 6,857
Gold – A$2,132/oz
Silver – A$24.58/oz
WTI – US$56.77 barrel
DATA RELEASES TODAY:
AUD – Westpac Consumer Sentiment at 10.30am
AUD – Wage Price Index q/q at 11.30am
NZD – Official Cash Rate at noon
GBP – CPI y/y at 8.30pm
USD – CPI m/m at 12.30am
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Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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