Melbourne Institute Inflation Gauge Today
AUD
The Aussie dollar opens mixed this morning to start the week off, while the ASX gave up -0.1% in Friday's session, with the Shanghai Comp down -0.2%, and Nikkei up +1.5%. Commodities were mostly in the green with Crude Oil up +1.1%, Natural Gas up 4.2%, Gold up +1.0%, Silver up +1.8%, and Iron Ore down -0.9%. Today, we have the Melbourne Institute Inflation Gauge m/m being released at 11am (Prev. +0.3%) and ANZ Job Advertisements m/m (Prev. -4.6%). The main local events to look out for this week that could potentially bring considerable volatility are the Chinese Industrial Production y/y (Wednesday) and the Aussie Employment Change and Unemployment Rate (Thursday).
USD
The AUDUSD had fluctuations of nearly half a cent over Friday night to open this morning relatively flat at 0.6682. Initially, the USD saw some weakening from their PPI data missing expectations. Core PPI m/m came in flat, with expectations of +0.2%, and the headline figure printed -0.1%, with expectations of +0.1%. A subdued session on Friday saw Wall St. close relatively unchanged on Friday ahead of the MLK long weekend. No US data pieces in the next 24h given the Bank Holiday. The main events happening in the US this week are the Empire State Manufacturing Index, Retail Sales m/m and Unemployment Claims, all set to be released later in the week.
EUR
The AUDEUR opens slightly higher this morning at 0.6107, while European equities closed in the green on Friday with the DAX and CAC both up +1.0%. Out of the Eurozone tonight, we have multiple low-tier data set to be released including the Industrial Production m/m which is expected at -0.3%, previously -0.7%, and the EUR Trade Balance, expected at 11.2B, previously 10.9B. A quiet week ahead in the Eurozone with no major events set, however, ECB President Lagarde will be speaking at various discussion panels throughout the week.
GBP
The AUDGBP opens higher this morning at 0.5241, following the trend of effects of the weak US PPI data, despite UK GDP m/m coming out stronger than expected at +0.3% (Notably, the 3-month change slipped into contractionary territory for the first time since October 2022). UK equities closed in the green with the FTSE up +0.6%. A quiet day ahead for the UK with only their Rightmove HPI m/m set to be released at 11:00am, previous months reading at -1.9%. The UK will be busy for the rest of the week with their Claimant Count Change, CPI y/y, and Retail Sales m/m all set to be released throughout the week.
NZD
The AUDNZD opens near-flat at 1.0716. No data set to be released out of NZ today. Similarly, a busy week ahead with low-tier data pieces being released which include the NZIER Business Confidence, GDT Price Index, FPI m/m, BusinessNZ Manufacturing Index, and Visitor Arrivals m/m.