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Australian Dollar Soars as RBA Drops Call for Depreciation

Australian Dollar Soars as RBA Drops Call for Depreciation

2015-08-04 06:35:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Australian Dollar Soars as RBA Statement Drops Call for More Depreciation
  • UK Construction PMI Unlikely to Stir British Pound as BOE Meeting Looms
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The Australian Dollar outperformed in otherwise quiet overnight trade, rising as much as 1.2 percent on average against its top counterparts. The move followed the RBA monetary policy announcement. While the central bank kept the baseline lending rate unchanged at 2 percent as expected, the statement released following the sit-down revealed moderation in policymakers’ rhetoric about the exchange rate. Specifically, Governor Glenn Stevens conspicuously left out recently ubiquitous language saying further Aussie depreciation is “both likely and necessary”.

July’s UK Construction PMI report headlines the economic calendar in European hours. Expectations call for the index to edge narrowly higher to 58.5 from 58.1 recorded in the prior month, reflecting a slight acceleration in the pace of home-building sector activity growth. The outcome may not inspire follow-through from the British Pound however as traders withhold directional conviction until after this week’s much-anticipated Bank of England policy announcement passes.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:30

AUD

ANZ Roy Morgan Weekly Consumer Conf

112.9

-

112.5

23:50

JPY

Monetary Base (YoY) (JUL)

32.8%

-

34.2%

23:50

JPY

Monetary Base End of period (JUL)

¥325.7T

-

¥325.0T

0:00

NZD

QV House Prices (YoY) (JUL)

10.1%

-

9.3%

1:00

NZD

ANZ Commodity Price (JUL)

-11.2%

-

-3.1%

1:30

AUD

Trade Balance (JUN)

-2933M

-3000M

-2677M

1:30

AUD

Retail Sales (MoM) (JUN)

0.7%

0.4%

0.4%

1:30

JPY

Labor Cash Earnings (YoY) (JUN)

-2.4%

0.9%

0.7%

1:30

JPY

Real Cash Earnings (YoY) (JUN)

-2.9%

-

0.0%

1:30

AUD

Retail Sales Ex Inflation (QoQ) (2Q)

0.8%

0.4%

0.6%

4:30

AUD

RBA Cash Rate Target

2.0%

2.0%

2.0%

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

6:00

GBP

Nationwide House Px (MoM) (JUL)

0.4% (A)

-0.2%

Low

6:00

GBP

Nationwide House Px (YoY) (JUL)

3.5% (A)

3.3%

Low

6:00

CHF

UBS Real Estate Bubble Index (2Q)

1.37 (A)

1.27

Low

6:30

AUD

Commodity Index AUD (JUL)

-

80.2

Low

6:30

AUD

Commodity Index (YoY) (JUL)

-

-17.9%

Low

8:30

GBP

Markit/CIPS UK Construction PMI (JUL)

58.5

58.1

Medium

9:00

EUR

PPI (MoM) (JUN)

0.0%

0.0%

Medium

9:00

EUR

PPI (YoY) (JUN)

-2.2%

-2.0%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0852

1.0907

1.0929

1.0962

1.0984

1.1017

1.1072

GBPUSD

1.5441

1.5520

1.5553

1.5599

1.5632

1.5678

1.5757

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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