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Australia: Robust home knowledge helped AUD outperform – Westpac

Sean Callow, Analysis Analyst at Westpac, recommend that Australia’s sturdy knowledge this week helped AUD outperform most G10 currencies, however with a quiet calendar close to time period, whether or not AUD positive factors can proceed might be depending on the oscillations of US-China commerce headlines.

Key Quotes

“Equities had a poor run this week and Australian equities underperformed the Asian area, however nonetheless AUD/USD moved in direction of three months highs round zero.73 as we noticed necessary knowledge on the home financial system, which was largely upbeat. The Aussie greenback was additionally helped by extra optimistic headlines on US-China commerce relations.”

“Wages rose zero.6% in Q3 and whereas wages development stays gentle by pre-GFC requirements, the two.three% annual fee is a three yr excessive. October labour drive knowledge revealed a stronger than anticipated 33ok rise in complete employment, led by full-time work. This saved the unemployment fee regular at a 6 yr low of 5.zero%.”

“This knowledge sparked a half cent AUD/USD bounce to only below zero.7300, inside placing distance of three month highs. Key commodity costs have eased, however are nonetheless properly above July lows, with iron ore round $74/tonne, versus $63 in July.”

“After a busy run, Australia’s knowledge calendar goes quiet for the subsequent week or so. We see the RBA minutes on Tuesday however anticipate offshore occasions to dominate for AUD, particularly US-China commerce negations forward of the 30 November assembly between President Xi and President Trump. Headlines this week have been combined however largely conciliatory and can stay a spotlight within the week forward.”

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