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5 Aug 2014
Asia Recap: AUD a bit heavy ahead of RBA
FXStreet (Bali) - It was a quiet session in the FX arena ahead of the RBA policy meeting, which represents the main mover of the week for the interest of Aussie traders, coupled with the RBA monetary policy statement on Friday.
In Australia, we saw trade balance for June coming at -1,683M vs -1,900m exp, with exports coming at 0% vs -5% exp, while imports were -1% vs -1% last. Moody’s also released a note on Australian banking system outlook, noting it remains stable on continued economic growth. Earlier on the day, the AIG performance of services index for July improved to 49.3 vs 47.6 prior, while the ANZ weekly consumer sentiment for the week ended August 3 was 115.0 vs 116.2 last.
In China, the HSBC/Markit Services PMI for July stood at 50.0 vs 53.1, a worrying decrease, which sends the index to its lowest since the survey began in 2005. In Japan, the Markit/JMMA Services PMI for July was 50.4 vs 49.0 last.
Bloomberg carried headlines referring to the Bank of Japan (BOJ) meeting this week, noting that “according to people familiar with central bank’s discussions, they will discuss whether it needs to lower assessment of exports, with officials concerned about increasing signs of weakness in economy following the sales-tax increase..."
In Australia, we saw trade balance for June coming at -1,683M vs -1,900m exp, with exports coming at 0% vs -5% exp, while imports were -1% vs -1% last. Moody’s also released a note on Australian banking system outlook, noting it remains stable on continued economic growth. Earlier on the day, the AIG performance of services index for July improved to 49.3 vs 47.6 prior, while the ANZ weekly consumer sentiment for the week ended August 3 was 115.0 vs 116.2 last.
In China, the HSBC/Markit Services PMI for July stood at 50.0 vs 53.1, a worrying decrease, which sends the index to its lowest since the survey began in 2005. In Japan, the Markit/JMMA Services PMI for July was 50.4 vs 49.0 last.
Bloomberg carried headlines referring to the Bank of Japan (BOJ) meeting this week, noting that “according to people familiar with central bank’s discussions, they will discuss whether it needs to lower assessment of exports, with officials concerned about increasing signs of weakness in economy following the sales-tax increase..."