Despite U.S businesses hiring at the slowest pace in 7 months, average hourly earnings grew by 0.3% (about on trend) while the unemployment rate remained anchored to 5.00%. The seemingly mixed results were seen positively by markets and the Greenback rallied along with equities and commodities.
In local news Turnbull called his inevitable double dissolution election which will send us to the polls on July 2. The election is being billed as a referendum on taxes and the housing market with both Labour and the Coalition coming up with similar but different strategies to cut debt and reform the housing market.
Not a great deal coming up this week data wise, with only U.K interest rates and U.S retail sales due. The U.K’s economy continues to grow at a stubbornly slow pace so we can’t expect too many changes here and certainly no movement on interest rates. U.S Core retail sales due Friday night are expected to be the best in nearly a year at 0.6%, so it could be another action-packed Friday evening for the Greenback and AUD/USD.
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