The AUD Awaits Australian Job Data
Australia will release employment change and an unemployment rate on July 15, at 04:30 MT time.
Dismal consumer mood in Australia might result in RBA rate cut soon
Australian customers have become pessimistic in a one-two punch to the Australian economy already facing an abrupt property downturn along with anemic wages surge, increasing the risk of an interest rate trim as soon as next month.
Decelerating global surge as well as a trade clash between China and America made Australia's key financial institution consider an easing.
That radical policy change by the country’s major bank was underscored by Wednesday’s poll that revealed that the Melbourne Institute and Westpac Bank index of customer sentiment headed south by 4.8% this month in contrast with February’s outcome of 4.3%.
Compiled from a poll of 1200 respondents, the index headed south by 4% from 2018. It means that optimists have been already outnumbered by pessimists.
It steeply contrasted with the cautiously optimistic customer mood in 2018.
The figures showed up a day after in February a closely-watched measure of Australian business conditions tumbled below the long-run average, suppressed by dives in sales and corporate profitability.
The business and consumer confidence polls actually confirm the weakening in Australia’s economy lately and hint at subdued conditions.
Notwithstanding the RBA's doggedly neutral stance, in the official cash rate by August domestic money markets are absolutely priced for a 25-basis point trim.
As a matter of fact, the Australian dollar inched down by about 0.4% ending up with $0.7049 as the consumer poll emboldened rate doves, making its way to a recent two-month dip of $0.7030.
One reason for the dismal sentiment in the report was a steep deceleration in the A$1.9 trillion economy in the second-half of 2018, in part because of the housing downturn.
Similar
Oil & Gold Surged, Dollar Weakened on July 6
Jump in to get the latest market news and trade ideas on gold, EUR/USD, and NZD/USD!
How to Trade AUD after RBA Statement?
The Reserve Bank of Australia will announce its policy statement and gives an economic outlook on July 6 at 7:30 MT.
Latest news
Weak USD, Gold and China's Stocks Recover
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
How Much Did the US Economy Grow in Q2?
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Gold and Bitcoin Rise, Fed is Eyed
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
Deposit with your local payment systems
