The Australian dollar ambled its way through the overnight session, mirroring the broader theme seen across markets.
Here’s the scoreboard at 7am AEST, showing that while the Aussie was flat against the US dollar, it managed to eke out modest gains across the crosses.
- AUD/USD 0.7604 , -0.0001 , -0.01%
- AUD/JPY 86.71 , 0.24 , 0.28%
- AUD/CNH 5.1750 , 0.0083 , 0.16%
- AUD/EUR 0.6670 , 0.0006 , 0.09%
- AUD/GBP 0.5902 , 0.0011 , 0.19%
- AUD/NZD 1.0449 , 0.0018 , 0.17%
David de Garis, economist at the National Australia Bank, summed up the price action perfectly in his morning note.
“It’s been a very quiet start to the week, generally a night of consolidation for markets ahead of a calendar that sees the US earnings season unfold amid an array of central bankers meeting and speaking together with some data over the next 24-48 hours,” he said.
“There seems to have been much more interest in Wimbledon, while for those Tour tragics out there like me, it was a rest day.”
Yes, the Northern hemisphere summer doldrums were back with a vengeance overnight, with little activity, nor interest, evident across broader financial markets.
The AUD/USD 5-minute chart shows the ambling Aussie in all its glory, probing lower, then higher, before closing the session flat.
Unfortunately for those looking for some volatility, that trend looks set to remain in place today, at least in the Asian session.
In Australia, markets will receive the latest weekly consumer confidence reading from ANZ-Roy Morgan at 9.30am AEST. That will be followed by the NAB Business Confidence survey and housing finance data two hours later at 11.30am AEST.
None appears likely to move the Aussie significantly one way or another.
Outside of those releases the regional data calendar is quiet, hinting that the USD/JPY and Chinese commodity futures will yet again be influential on the oscillations in the Aussie is Asia.
Later in the session, the events calendar picks up a little with a series of central bank speakers scheduled to do the rounds in Europe and the US.
John Williams, San Francisco Fed governor, will kick off proceedings in Sydney while Andy Haldane, chief economist at the Bank of England (BoE), and Ben Broadbent, deputy governor at the BoE, will also be in action.
Alongside Williams, Fed governor Lael Brainard’s will speak in New York later in the session.
On the data front, markets will receive the latest JOLTS jobs report in the US while in Canada housing starts data for June will also be released.