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Aussie fails at 0.7000….again

Published June 11, 2019

Author: Rowan Murphy

Australian markets will be playing catch up today having most of the country out yesterday for the “Queen’s Birthday” long weekend.

The USD was on the nose Friday night after US employment numbers met market expectations, while Average hourly earnings missed the mark. Aussie gains were reversed Monday after the US decided to abandon the ‘Trump tabled’ tariffs on Mexico and Trump said overnight that while he was scheduled to meet with President Xi at the end of the month, he would look to increase tariffs on the remaining $300b worth on Chinese imports immediately if the meeting did not take place. The proposed meeting at the G20 summit in Japan is now looming as a major risk event for markets

Today NAB releases their business survey at 11:30am AEST, while the 2019-20 Queensland Budget will be tabled at ~2pm. RBA’s Kent, Assistant Governor (Financial Markets), speaks at 9.25am, which may, or may not, give some insight into current RBA thinking, although it is probably too close to last week’s cut to offer any new insight.