In a session that is unlikely to go down in the history books as one of the most exciting ever, the Australian dollar did next to nothing in overnight trade as holidays in the US and UK sapped markets of any energy.
After briefly falling below .7150 in early Asian trade, the AUD/USD rebounded to around .7180 in Europe before oscillating in a 10-pip range for the remainder of the session.
The AUD/USD eventually closed the session buying .7179, almost unchanged from Monday’s opening level.
Very exciting, I know.
But trust me, investor interest, and more importantly market volatility, looks set to pick up on Tuesday, so there is a reason to read on.
On the data front, markets will receive the last inputs into Australian GDP with the release of quarterly balance of payments (including next export contribution) and government expenditure figures. The net export figure will be eyed closely as it is expected to provide the bulk of GDP growth for the quarter.
Australian building approvals and private sector credit figures for April will also be released.
Conveniently, all are scheduled to hit at exactly 11.30am AEST.
Outside of Australia, there’s also a raft of Japanese data scheduled including household spending, industrial output and unemployment figures for April.
Later in the session, UK and US markets are back, something that will almost certainly boost market interest in the Asian session.
US PCE inflation figures, the Fed’s preferred gauge of measuring inflationary pressures, will be released along with personal consumption and income figures for April. Rounding off the session, the Case-Shiller house price survey for March and Chicago PMI report for May will also be released.
Plenty to keep investors interested, and generate some movement in currency markets.
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