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AUD Higher on weak US Data

Published May 24, 2019

By Rowan Murphy

The Aussie has capitalised on a pullback in the USD Index overnight as US/Sino trade relations reared its head again, surprisingly the local unit has pushed toward the big figure in what was a broadly ‘risk off environment’. Tonight sees the US release Core Durable Goods Orders, this will be a good indicator for the health of the US manufacturing pipeline.

On the Brexit front, Theresa May hasn’t submitted her plans to the house of commons, with speculation rife that she might have even resigned by this time tomorrow. Which raises the question who else wants the top job over there?

Next week we see important releases out of the UK, NZ, CAD, US, China, and Australian Building approvals, so again look to be led by economic and political releases.

Traders will be looking to square up positions before the end of the month which could be beneficial to the local unit’s support leading into the RBA’s next rate decision on the 4th.