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Better than expected data and positive risk sentiment pushed the Aussie higher last week.
Can this week’s catalysts inspire retracements and reversals?
Check out the events you need to know about this week!
Lower tier economic data
- NAB business confidence (June 9, 1:30 am GMT) last printed at -46 after a -65 reading in March
- ANZ job ads (June 9, 1:30 am GMT) saw a 53.1% drop in April
- Westpac consumer sentiment (June 10, 12:30 am GMT) improved from -17.7% to 16.4% in May
- MI inflation expectations (June 11, 1:00 am GMT) dipped from 4.6% to 3.4% in April
China’s data releases
- Trade surplus jumped from $45.3B to $62.9 in May
- Monthly CPI (June 10, 1:30 am GMT) seen at -0.5% (from -0.9%) while annual CPI could print at 2.6% (from 3.3%)
- Annual PPI (June 10, 1:30 am GMT) to dip from -3.1% to -3.3%?
Market risk appetite
- Watch out for any U.S.-China related tensions, which can sour overall risk sentiment
- The FOMC statement due later this week might influence USD’s intraweek trends and risk appetite in the markets
- We can see more risk taking this week as more economies reopen amidst a pandemic
Technical snapshot
- RSI considers AUD as “overbought” against all of its major counterparts except for the euro and Kiwi
- Aussie remains on short and long-term bullish trends across the board except against the Kiwi
- AUD was most volatile against the safe havens in the last seven days
Missed last week’s price action? Read AUD’s price recap for June 1 – 5!