By Rhys Miles
In a week where economic data releases have been at the upper end of expectations including our Trade balance data yesterday, the Chinese release of their CPI and PPI didn’t offer too much excitement coming in slightly higher and lower respectively. The Bank Of England head in a speech overnight acknowledged weak economic conditions and the potential need for monetary policy stimulus. That brings us to the release today of our Retail Sales and tonight’s US Non- Farm Payrolls and the potential impact on the AUD.
With the AUD stuck in a rut at the moment the Retail sales number would have to be quite solid to diminish the growing expectation of a Feb RBA rate cut. With commodity prices subdued and a stronger USD, the AUD will need all the help it can get.
Equities markets at the moment are enjoying a continuation of the new year rally with the Dow edging further into record territory and the ASX not far away. An apparent easing in US/Iran tensions has put “risk on” firmly on the table but that is clearly not transferring to the AUD.
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