To say the Aussie has been treading water the past two weeks it to certainly underestimate the complete lack of volatility recently. AUD/USD since May 18th has traded in a 100 point range between 0.7400 and 0.7500 but this won't go on forever and with a big week of economic data about to get cracking perhaps we'll start to see some volatility. Data announcements kick off today with Chinese manufacturing and non-manufacturing PMI, both leading indicators of economic health in China. Following that we have Aussie retail sales and private cap. expenditure tomorrow at 11.30am, then data starts to flow in from the U.S, with job numbers and the very important ISM manufacturing PMI gauge which again is a leading indicator of economic health but in this case for the U.S. ISM which has been on a tear since early 2016, peaked around the time Trump came to office and has since started to fall - expectations are for a number of 54.7, but below this number and we could see AUD/USD make some gains.
Official non-farm employment figures/jobs numbers round out the week Friday night which economists tipping no change to the unemployment rate which stands at 4.4%.
DATA RELEASES TODAY:
CNY - Manufacturing & Non-Manufacturing PMI at 11.00am
AUD EXCHANGE RATES:
AUD/USD – 0.7430
AUD/GBP – 0.5790
AUD/EUR – 0.6642
AUD/NZD – 1.0487
AUD/JPY – 82.391
***Above rates are indicative wholesale rates and intended as a guide only***
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