Can domestic data continue to prop AUD lower amidst COVID-19 concerns?
Here’s a list of potential catalysts to consider if you’re trading the comdoll!
NAB business sentiment (Mar 10, 12:30 am GMT)
- Business confidence edged higher (from -2 to -1) in January while business conditions was unchanged (+3) for the month
- The impact of bushfires remained “moderate” during the survey period
- Take note that the report will be released just before China prints its CPI numbers
China’s CPI and PPI (Mar 10, 1:30 am GMT)
- The COVID-19 outbreak, rising pork prices, and Lunar New Year celebrations pushed the annualized consumer prices 5.4% higher in December and January, the highest since October 2011
- Traders see prices slowing down to 5.2% in February
- Producer prices could dip by 0.3% after a 0.1% gain in the previous two months
Overall risk appetite
- With not a lot of top-tier reports from Australia, COVID-19 updates could have more impact on AUD’s price action
- Top-tier events like the ECB’s policy decision, U.K.’s first post-Brexit budget, and U.S. CPI can also affect AUD’s intraday prices
- Stochastic flags AUD as “oversold” against EUR, JPY, and CHF and “overbought” against CAD on the daily time frame
- AUD/CHF, AUD/JPY, and AUD/USD are trading below their short AND long-term SMAs
- EUR/AUD and GBP/AUD are trading above their short AND long-term SMAs
- AUD/CAD is a hair’s breadth away from having EUR/AUD and GBP/AUD’s conditions
Missed last week’s price action? Read AUD’s price recap for March 2 – 6!