The Australian dollar is treading water but that looks set to change today

Bill Pugliano/Getty Images

The Australian dollar is treading water, oscillating in a thin trading range overnight thanks to market holidays in the US, UK and China.

Here’s the scoreboard as at 7.30am AEST.

AUD/USD 0.7432 , -0.0004 , -0.05%
AUD/JPY 82.69 , -0.03 , -0.04%
AUD/CNH 5.0674 , -0.0051 , -0.10%
AUD/EUR 0.6657 , -0.0003 , -0.05%
AUD/GBP 0.5788 , -0.0001 , -0.02%
AUD/NZD 1.0530 , -0.0004 , -0.04%

After a quiet session Monday, market interest looks set to lift today even though Chinese markets will remain closed until Wednesday.

Both the US and UK will come back online, while there’s a noticeable uptick in the economic data calendar.

In Australia, most attention will fall on the release of building approvals figures from the ABS at 11.30am AEST. After a sharp plunge in March, and with concerns about Australia’s growth outlook heightened at present, markets will be looking to this report to gauge just how quick the unwind in Australia’s residential building boom will likely be in the years ahead.

The median economist forecast is looking for an increase of 3%.

Elsewhere the weekly ANZ-Roy Morgan Australian weekly consumer confidence index will be released 9.30am AEST. Again, while not a noted market-mover, the recent decline in confidence levels is seen by some as a lead indicator for a slowdown in household consumption, the largest part of the Australian economy.

Outside of Australia, Japan will release household spending, retail sales and unemployment data for April between 9.30am to 9.50am AEST.

Later in the session, markets will also receive consumer spending and updated Q1 GDP figures from France, German import and consumer price inflation, Eurozone consumer confidence along with PCE inflation, consumption and incomes data, Caseshiller house prices, consumer confidence and the Dallas Fed manufacturing index from the US.

A big session for data, and one that looks set to shake the markets from its early week slumber.

AUD/USD Hourly Chart

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