The Aussie dollar has finally found a bit of support over the past 24 hours managing to make gains against all the majors as a result of rebounding commodity prices and settling of tensions around the Korean Peninsula. AUD/USD has rallied off the low 0.74’s while AUD/GBP has rallied off the low 0.57’s.
U.S manufacturing PMI showed slower than expected growth coming in at just 54.8 instead of market expectations around 56.6 and this weighed on the USD.
We have a very busy day today kicking off with Chinese manufacturing PMI at 11.45am following that all eyes will be on the RBA as they deliver their latest and greatest cash rate decision. The market is expecting no change to the cash rate from 1.5% but with all the talk of a very frothy and overheated property market I wouldn’t put it past the RBA to raise rates by 25 basis points in an attempt to reign in any further appreciation in property prices.
DATA RELEASES TODAY:
CNY – Caixin Manufacturing PMI at 11.45am
AUD – Cash Rate & RBA Rate Statement at 2.30pm (AEST)
GBP – Manufacturing PMI at 6.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7479
AUD/GBP – 0.5786
AUD/EUR – 0.6851
AUD/NZD – 1.0830
AUD/JPY – 83.667
***Above rates are indicative wholesale rates and intended as a guide only***
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