A vaccum of data and news overnight sees no notable moves on currency or equity markets other than the DAX and NYSE which moved half a percent higher and half a percent lower respectively. Commodity markets mostly fell but iron ore bucked the trend posting around 2% of gains according to the latest futures data.
Today's looking like another quiet session of trade for the local market and local currency thanks to a lack of data or news but it will start to pick up pace tomorrow with Aussie inflation data due at 11.30am.
CPI is tipped to come in around the 0.4% mark for the latest quarter which would be welcomed by the market given the pretty horrendous -0.2% figure we saw in the first quarter of 2016. Our CPI data due tomorrow is likely to be one of the biggest factors for the RBA in determining their next move on interest rates as you could suggest with a decent amount of certainty that a negative figure tomorrow will result in a rate cut from the RBA at their next meeting in August, there just wouldn't be any way around it.
DATA RELEASES TODAY:
USD - CB Consumer Confidence at midnight
AUD EXCHANGE RATES:
AUD/USD – 0.7475
AUD/GBP – 0.5695
AUD/EUR – 0.6798
AUD/NZD – 1.0674
AUD/JPY – 78.936
***Above rates are indiciative wholesale rates and intended as a guide only***
Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.
Senior Corporate FX Dealer
Contact Patrick for a quote on 0431 278 632