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Aussie traders are facing a quarterly CPI and China’s PMIs this week!
Missed last week’s price action? Read AUD’s price recap for April 20 – 24!
If you’re planning on trading the comdoll, then you better check out the potential market movers on tap!
Quarterly CPI (Apr 29, 1:30 am GMT)
- Consumer prices rose by 0.7% in Q4 2019, higher than the 0.5% gain in Q3 and the expected 0.6% uptick
- Annualized prices improved by 1.8%, also higher than Q3’s 1.7% increase
- Higher coronavirus cases rained on Aussie bulls’ parade during the release
- Analysts see the quarterly CPI down to 0.2% even as the annual version could inch up to 1.9%
China’s PMIs (Apr 30, 1:00 am GMT)
- Official manufacturing PMI came in at 52.0 in March, up from a 35.7 reading in February
- Non-manufacturing PMI also improved from 29.6 to 52.3 for the month
- The surprisingly strong releases boosted AUD and risk appetite during the Asian session
- Market geeks expect manufacturing PMI to dip to 51.0
- Non-manufacturing PMI could slow down to 50.5 in April
AiG manufacturing index (Apr 30, 10:30 pm GMT)
- The index jumped from 44.3 to 53.7 in March, as stockpiling led to higher manufacturing levels
- A higher index reading in April would point to the pandemic’s minimal impact on manufacturing activity
Market risk appetite
- Updates on pandemic responses and closure/opening of businesses in major economies will continue to affect risk sentiment
- Monetary policy decisions from the BOJ, Fed, and the ECB and their growth and policy expectations can influence the markets’ appetite for risk
- Other top-tier reports like U.S.’ GDP and China, euro zone, and U.S.’ PMIs can also affect appetite for the high-yielding comdoll
Technical snapshot
- AUD has gained against ALL of its major counterparts in the last seven days
- It has strengthened the most against CHF, GBP, and EUR
- Stochastic considers AUD as “overbought” against ALL of its major counterparts on the daily time frame
- AUD has seen the most volatility against USD, JPY, CHF, and EUR in the last seven days