Having plunged by more than a cent on Friday evening on the back of a strong US jobs report for October, the Australian dollar consolidated just above the US 70 cent level overnight, operating in a thin range of .7033 to .7070 throughout the course of European and North American trade.
The solid performance came despite continued chatter of a potential rate hike from the US Fed in December and the OECD downgrading its global growth forecasts for this year and next to 2.9% and 3.3% respectively, down from 3.0% and 3.6% seen previously.
As at 8.30am AEDT, the AUD/USD currently buys .7048, fractionally above Monday’s opening level of .7038.
While the Aussie did next to nothing overnight, there is a raft of economic data releases scheduled today – both domestic and regional – that have the potential to wake the currency from its slumber.
On the domestic front, markets will receive the latest ANZ-Roy Morgan weekly consumer confidence report, the NAB business survey for October along with housing finance data for September. The former is scheduled for 9.30am AEDT, with the final two following two hours later at 11.30am AEDT.
On the regional front, Chinese CPI and PPI figures for October will be released at 12.30am AEDT. While formerly market moving events, given the subdued inflation readings seen over the past few years, these are now seen as merely confirmation that the PBOC can continue to ease monetary policy if required, something that markets have already built into market pricing.
“These aren’t expected to be especially market moving with inflation subdued and not presenting any impediment to further Chinese economic policy easing,” wrote David de Garis, senior economist at the NAB in his morning note.
Here’s the current Aussie dollar scoreboard.
- AUD/USD 0.7048 , 0.0002 , 0.03%
- AUD/JPY 86.8 , 0.12 , 0.14%
- AUD/CNY 4.4839 , 0.0115 , 0.26%
- AUD/EUR 0.6553 , 0.0003 , 0.05%
- AUD/GBP 0.4662 , -0.0012 , -0.26%
- AUD/NZD 1.0765 , -0.0026 , -0.24%
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