More weak Australian economic updates and signals of a rate cut needed by the RBA kept the pressure on the Aussie once again this week.
Overlay of AUD Pairs: 1-Hour Forex Chart
Australian Headlines and Economic data
Tuesday:
- RBA Says Further Rate Cut ‘More Likely Than Not’ in Period Ahead
- Australian house prices drop in every capital city
- The Conference Board Leading Economic Index for Australia increased 0.1% in April 2019 to 107.5
- A broad rally among Aussie pairs during the U.S. trading session, possibly on the good vibes felt after Trump says he and China’s Xi spoke, and that they will have ‘extended meeting next week’ at G-20.
Wednesday:
- Australian leading index points to more weak growth in second half of 2019
Thursday:
- Australia’s central bank flags rate cut, market bets on July
- RBA says QE is ‘quite unlikely’
- Growing number of Australian small businesses struggling amid economic downturn
- RBA Bulletin examines the exchange rate on a China slowdown
Friday:
- A near uniform broad turn lower during the Asia session, likely on global risk aversion sentiment rising after Iran shoots down US drone aircraft
- Australia flash services PMI came in higher at 53.1 vs. 51.5; flash manufacturing PMI signaled a modest improvement to 51.7 from 51.00
