It was a subdued session for news, data and ranges. In summary major FX has strengthened just a touch against the USD within small ranges only.On th
It
was a subdued session for news, data and ranges.
In
summary major FX has strengthened just a touch against the USD within
small ranges only.
On
the data front we saw China’s services PMI for April came in strong
but showing some signs that economic momentum is moderating. From
Australia we had March housing finance bouncing back as price rises
and recovery signs are seen in the sector.
In
central bank news the Reserve Bank of Australia published its latest
Statement on Monetary Policy (SoMP). Growth forecasts were
downgraded. The bank left unchanged its forecast that inflation would
return to the upper band of its target band in 2025. Confusingly,
while the RBA cited its alertness to higher wage growth in its rate
hike decision back on Tuesday its SoMP forecasts for wages were
downgraded and said “expectations for wages growth in the next 12
months have moderated”.
AUD/USD
is higher on the session, well above 0.6700.
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