declines to 0.6950, still up 0.90% on a day, after Australia’s Q1 GDP matched
-0.3% forecasts on early Wednesday. In doing so, the Aussie pair steps back
from the five-month high.
first quarter (Q1) GDP contracts 0.3% versus +0.5% growth the previous quarter
on a QoQ basis. The YoY figures also matched 1.4% market consensus versus 2.2%
the data/event front, Second-tier PMI data from Australia’s AiG and Commonwealth
Bank flashed upbeat prints. Further, RBA’s Assistant Governor Michele Bullock
spoke nothing relating to the monetary policy during her latest appearance.
the recently stellar performance of the AUD/USD pair, traders will keep
checking for any negative hints to book the profits. In doing so, the heavy
economic line from the US, up for publishing today, will be the key.
this regard, TD Securities said, “Regional manufacturing surveys, as well as
the Markit PMI data, have been showing some fading of weakness in May. The
surveys’ details have been showing more fading of weakness than the headline
data due to a reversal of earlier strength in the deliveries components. Index
levels have remained in contraction territory, however. We forecast a modest
increase for ISM non-manufacturing to 44.0 from 41.8 in April. Separately, the
May ADP employment report is likely to continue showing dramatic weakness in
the labor market but to a lesser extent than in April. We forecast an
above-consensus 3 million decline.”
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