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Australian Dollar Soars as RBA Drops Call for Depreciation

Australian Dollar Soars as RBA Drops Call for Depreciation

Ilya Spivak, Head Strategist, APAC

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

GMTCCYEVENTACTEXPPREV
23:30AUDANZ Roy Morgan Weekly Consumer Conf 112.9-112.5
23:50JPYMonetary Base (YoY) (JUL)32.8%-34.2%
23:50JPYMonetary Base End of period (JUL)¥325.7T-¥325.0T
0:00NZDQV House Prices (YoY) (JUL)10.1%-9.3%
1:00NZDANZ Commodity Price (JUL)-11.2%--3.1%
1:30AUDTrade Balance (JUN)-2933M-3000M-2677M
1:30AUDRetail Sales (MoM) (JUN)0.7%0.4%0.4%
1:30JPYLabor Cash Earnings (YoY) (JUN)-2.4%0.9%0.7%
1:30JPYReal Cash Earnings (YoY) (JUN)-2.9%-0.0%
1:30AUDRetail Sales Ex Inflation (QoQ) (2Q)0.8%0.4%0.6%
4:30AUDRBA Cash Rate Target 2.0%2.0%2.0%

European Session

GMTCCYEVENTEXP/ACTPREVIMPACT
6:00GBPNationwide House Px (MoM) (JUL)0.4% (A)-0.2%Low
6:00GBPNationwide House Px (YoY) (JUL)3.5% (A)3.3%Low
6:00CHFUBS Real Estate Bubble Index (2Q)1.37 (A)1.27Low
6:30AUDCommodity Index AUD (JUL)-80.2Low
6:30AUDCommodity Index (YoY) (JUL)--17.9%Low
8:30GBPMarkit/CIPS UK Construction PMI (JUL)58.558.1Medium
9:00EURPPI (MoM) (JUN)0.0%0.0%Medium
9:00EURPPI (YoY) (JUN)-2.2%-2.0%Medium

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3
EURUSD1.08521.09071.09291.09621.09841.10171.1072
GBPUSD1.54411.55201.55531.55991.56321.56781.5757

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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