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AUD/USD tracks mildly bid S&P 500 Futures to refresh intraday top above 0.7700NEWS | 5/5/2021 12:51:23 AM GMT | By Anil Panchal AUD/USD consolidates the previous day’s heavy losses that probed mid-April lows. Market sentiment recovers amid quiet macros, off in key Asian bourses following mixed updates from US. Covid woes battle vaccine developments, mixed second-tier Aussie data. AUD/USD refreshes intraday high to 0.7723, up 0.18% on the day, amid early Wednesday. In doing so, the Aussie pair benefits from the recent run-up in S&P 500 Futures, actually corrective pullback, as scheduled economics from the Oz nation flash mixed signals. S&P 500 Futures gains 0.11% on a day after the Wall Street benchmarks were mostly drowned by the technology shares sell-off and talks over further taxes in multinational companies, backed by the International Monetary Fund (IMF). ....
Share: The RBA maintained its monetary policy unchanged, despite noting economic improvement. Equities fell while US Treasury yields retreated, favoring the greenback. AUD/USD is gaining bearish strength and could soon retest the year low at 0.7531. The AUD/USD pair trades around the 0.7700 level after falling to 0.7674, its lowest since mid-April. The Reserve Bank of Australia had a monetary policy meeting early on Tuesday, and as widely anticipated, policymakers left rates at record lows. The central bank pledged to maintain its current supportive policy, despite the rapid economic recovery. Policymakers upgraded their growth forecast to 4.75% for this year, while they now expect the unemployment rate to decline to around 5% in 2021 and to 4.5% in 2020. The RBA reiterated that rates would likely remain low at least until 2024. ....
5/4/2021 10:06:08 AM GMT Notes/Observations Asia - RBA left Cash Rate Target unchanged at 0.10% and maintained its 3-year Yield Target at 0.10% (both as expected); Keeps its dovish undertones and put focus on its July meeting whether to retain the April 2024 bond or shift into the November 2024 maturity for its 3-Year Yield Target; to also consider a 3rd QE program at that time. - Australia Mar Trade Balance: A$5.6B v A$8.2Be. - Australia MP Ted O Brien seeks to fight Communist China with boycotts and sanctions. - Analysts believe that if Australia terminated the lease of Port Darwin to the Chinese early it could kill all future Chinese investment into Australia. ....
Asian Markets Mixed Amid Cautious Trade CANBERA (dpa-AFX) - Asian stock markets are mixed amid cautious trading on Wednesday, following negative cues overnight from Wall Street, as traders are uncertain about the near-term outlook for the markets following recent strength. Traders also continue to weigh the impact of a surge in coronavirus cases and extension of lockdown restrictions in several markets. Asian markets closed mixed on Tuesday. However, the IMF opened its spring meetings on Tuesday by forecasting the strongest global expansion in at least four decades for this year. Traders are also looking ahead to the release of the minutes of the Federal Reserve s latest monetary policy meeting on Wednesday, potentially shedding additional light on the outlook for interest rates. ....
Share: Mixed Australian data somehow hurt demand for the aussie. Global stocks traded with a soft tone throughout the day. AUD/USD is poised to challenge the April monthly low. The AUD/USD pair edged lower despite the broad dollar’s weakness, ending the day near a daily low at 0.7603. The pair fell throughout the day, with the aussie weighed by the sour tone of global equities. The greenback picked some steam ahead of the US close, mainly up against commodity-linked rivals. Australian data released at the beginning of the day was mixed, as the AIG Performance of Construction Index improved to 61.8 in March from 57.4 previously. However, the Commonwealth Bank Services PMI for the same month printed at 55.5, missing the market’s expectations. The country won’t publish macroeconomic figures this Thursday. ....