Not surprisingly the RBA left rates unchanged at 1.5% yesterday despite an accompanying statement that appeared quite positive and even hawkish at times on both the local and global economy. RBA Governor Philip Lowe noted that the Australian economy grew by about 2.5% in 2016, while inflation is expected to move past 2% by the end of 2017. Overall it appears probably business as usual for local interest rates and I guess hard to see any change to rates until at the earliest the end of the year, but of course alot depends on how quickly retail sales and inflation grow while the property market clearly remains on the radar of the RBA.
Ahead today is Chinese trade balance figures along with the annual budget release out of the UK and preliminary U.S jobs numbers. Later in the week we’ll have the official U.S Non-Farms figure which of course is always a big data announcement.
DATA RELEASES TODAY:
CNY – Trade Balance today
GBP – Annual Budget Release at 11.30pm
USD – ADP Prelim Non-Farm Payrolls at 12.15am
AUD EXCHANGE RATES:
AUD/USD – 0.7548
AUD/GBP – 0.6176
AUD/EUR – 0.7142
AUD/NZD – 1.0860
AUD/JPY – 86.081
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Phone Patrick – 0431 278 632
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