Author: Brett Gordon
We can expect movement tomorrow (AUD) morning with the release of the employment data. Expected to have a major impact on the Australian dollar, the data will show the change in number of employed people during the previous month, and the percentage of the total work force that is unemployed. Both of these are indicators of economic health, as it relates directly to consumer spending which accounts for the majority of overall economic activity.
In a speech delivered earlier this morning, President Trump was no clearer on the trade situation with China, saying that he is hopeful a trade deal with China will soon be reached. He said Beijing was “dying to make a deal” and described a phase-one agreement as “close”. These comments are in contrast to a tweet over the weekend claiming that no tariff rollbacks had been agreed to. Market sentiment will no doubt continue to change as the trade situation develops.
The Kiwi Dollar opens lower this morning ahead of this afternoon’s RBNZ OCR decision and Monetary Policy Statement. The NZD was sold yesterday afternoon after the latest RBNZ survey showed a downturn in inflation expectations.
The GBP In terms of macroeconomic news, the UK Office for National Statistics will release their CPI data this evening. Showing the change in the price of goods and services purchased by consumers, this is considered the UK’s most inflation data as consumer prices account for a majority of overall inflation.
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