AUD Consolidates Gains as Data Dries Up
AUD
The AUD had a relatively subdued session of trade overnight after a lack of significant macro data, trading within tight ranges across most major currency pairs. Local equity markets had a mixed session, Shanghai Comp and Nikkei were both up while the ASX was down a modest -0.2%. Commodity markets followed suit with Gold being the most notable gain of 0.2%, while Iron Ore was down -0.6%. To the data today we have NAB Business confidence report, while tomorrow traders await Chinese CPI & PPI along with RBA GOV Kent speaking in the evening.
USD
The AUDUSD pair resumed its bullish momentum into this morning as it reached a new five-day high of 0.7766 before coming back to trade at 0.7758 at the time of writing. In the absence of top-tier macrodata and significant fundamental drivers, the Greenback seems to be having a difficult time finding demand against the AUD. US equities had a mixed session with Nasdaq up 0.5%, while the S&P 500 and Dow Jones were marginally lower. US interest rates edged higher with the 10 year note now yielding 1.567% while oil was 0.5% lower and trading just under $70 a barrel. Little in the way of economic data today in the US, markets and traders in a holding pattern as they await key events of US tapering news, CPI and Unemployment due on Thursday.
EUR
The AUDEUR pair sitting within the same levels of yesterday morning, currently trading at 0.6360 at the time of writing. European equities had a relatively subdued session overnight, the DAX was down a modest -0.1% while CAC was up 0.4%. In early European data, German factory orders fell by 0.2% in April, short of the forecast of +0.5%. Better news from Spain where Industrial production rose at an annual rate of 48.2% in April vs the forecast of 44.4%. Plenty of data this evening with Eurozone Economic Sentiment figures due, as well as the same for Germany which is Europe's biggest economy.
GBP
The AUDGBP pair posted modest gains overnight, trading around 10 pips higher than yesterday’s open, currently trading at 0.5470 at the time of writing. Potential risks for GBP after the UK announced it would assess COVID Data and announce on June 14th whether planned re-opening on June 21st could go ahead. The UK FTSE followed other bourses after it posted a modest 0.1% gain overnight. No-noteworthy economic data on the docket today. Markets and traders awaiting UK GDP and Goods trade balance data on Friday evening.
NZD
The AUDNZD making a modest loss overnight, trading at 1.07360 at the time of writing. After a bank holiday yesterday and a lack of significant economic data there has been little movement across both antipodeans. No Kiwi data expected today with only the Prelim Kiwi ANZ Business confidence and Manufacturing Data due tomorrow.