Author: Rowan Murphy
The 4th of July holiday made for a quiet session in global markets with the Aussie staying within a 30 point range for the last 24 hours.
Yesterday’s local Retail Sales printed at 0.1% Vs market expectations of 0.2%, although hardly inspiring at least it was a positive print. The local unit hardly blinked at the news maintained the status quo holding above 0.7000.
All eyes are focussed on tonight’s US payrolls, which, if weak, opens room for further easing from the Fed to be priced in by markets and as such the potential for continued pressure on the USD. The last release printed at 75,000 but markets are expecting an increase to 160k this month.
Next week is exceptionally light on in regards to data with only ANZ job ads on Mon, nab Business Confidence Tues, Westpac Consumer Sentiment Wed and some bottom tier info on Thurs. All eyes will be directed toward to the US FOMC minutes released 4am Thursday morning, US CPI Thurs night and US PPI Friday night.
0.7000 has reversed from short term resistance to short term support.
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