Welcome back for the Queen’s birthday long weekend – SPI is currently trading up 32 points which will see a positive start to ASX this Tuesday. This is on the back of a positive end to US & major European markets, with Dow Jones up 0.2%, S & P up 0.3% & Nasdaq up 0.3%. In Europe, FSTE 100 up 0.7%, CAC up 0.4% & DAX up 0.6%.
AUDUSD is currently trading at US $0.7608 cents and have traded strongly on the back of last week’s Retail Sales numbers and an increase in the Q1 GDP numbers. Stronger GDP numbers will provide indications of stronger than expected growth may push the RBA to gradually change its tune in the second half of the year, with improvement in risk appetite to likely keep AUDUSD afloat.
Investors will be looking for further direction when Australia unemployment numbers due out on Thursday with the market expecting 19.2k jobs created in May. US Retail Sales are also due out Thursday evening.
DATA RELEASES THIS WEEK:
GBP – Average Earnings Index 3m/y
USD – CPI m/m & Core CPI m/m
AUD – RBA Gov Lowe Speaks
GBP – CPI y/y
USD – PPI m/m
USD – Crude Oil Inventories, FOMC Economic Projections, FOMC Statement, Retail Sales, Federal Funds Rate & FOMC Press Conference
AUD – Employment Change & Unemployment Rate
GBP – Retail Sales m/m
EUR – ECB meeting
JPY – Monetary Policy Statement & BOJ Press Conference
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