Aussie traders are in for a busy week!
With the RBA and GDP releases scheduled, you’ll definitely want to keep your eyes peeled for intraweek trends.
Check out this list of potential catalysts that might move the comdoll!
RBA’s statement (Sept 1, 4:30 am GMT)
- As expected, the Reserve Bank of Australia (RBA) kept its interest rates at 0.25% in July
- Governor Lowe and his team maintained that the economic downturn “will not be as severe as earlier thought,” but also ended its three-month break to buy more government bonds
- The Aussie didn’t react much to the news. However, the report enabled AUD to extend its intraday gains brought on by better-than-expected data printed earlier in the day
- Markets don’t expect policy changes from RBA this week
Q2 GDP report (Sept 2, 1:30 am GMT)
- GDP dipped from a 0.5% growth to -0.3% as the economy dealt with bushfires, drought, and the COVID-19 pandemic in Q1 2020
- The softer-than-expected contraction in Q1 2020 boosted AUD until weak PMI reports during the London session soured risk sentiment
- Analysts see the economy plummeting by 6.2% in Q2 2020 with the annual growth falling from +1.4% to -5.5% as the country imposed lockdowns
Lower tier reports
- Company operating profits jumped by 15.0% in Q2 2020
- AIG manufacturing index (Aug 31, 10:30 pm GMT) to dip from 53.5 to 52.9 in August
- AIG construction index (Sept 2, 10:30 pm GMT) seen improving from 42.7 to 43.0
- AIG services index (Sept 4, 10:30 pm GMT) last printed at 44.0
- Building permits (Sept 1, 1:30 am GMT) to see a 1.9% decrease after a 4.9% drop in June
- Trade balance (Sept 3, 1:30 am GMT) to reflect a tighter surplus in July
- Retail sales (Sept 4, 1:30 am GMT) could see faster retail buying in July
- China is one of Australia’s biggest trading partners, so AUD traders look to China’s releases to gauge potential future demand for Australia’s exports
- China’s manufacturing PMI edges down in August
- Growth in China’s services sector accelerates in August
- Caixin’s manufacturing PMI (Sept 1, 1:45 am GMT) seen edging lower (from 52.8 to 52.4) in August
- Caixin’s services PMI (Sept 3, 1:45 am GMT) to dip from 54.1 to 53.7?
- RSI reflects AUD’s “overbought” conditions against USD, JPY, and EUR on the daily time frame
- EMAs are showing the Aussie’s short and long-term bullish trends against ALL of its major counterparts
- AUD/USD, AUD/JPY, AUD/CHF, and AUD/CAD were the most volatile Aussie pairs in the last sevend days