Quiet Session Sees AUD Trading Sideways

AUD

AUD opens flat against all majors, with business surveys showing economic activity throughout the US and Europe stalling. The ASX climbed +1.3% with all sectors managing gains led by energy. Asian equities followed to close higher on Wednesday, the Hang Seng up +2.4%, the Nikkei +1.9% and the Shenzhen +0.1%. Commodities were mixed with Silver up 3.2% and Gold down -2.7%. No major data out yesterday. Today we'll see the quarterly RBA Bulletin, being an analysis of current and future economic conditions. It tends to have a mild impact since much of the information is released previously. Tomorrow will be a bank holiday for ANZAC Day. The next major Aussie data will be consumer inflation figures, next Wednesday.
 

USD

AUDUSD has settled under the 0.64 handle, opening relatively flat against yesterday at 0.6367. Overnight, the USD rallied with hopes of Trump cutting tariffs on China, although gains were reversed. Wall Street closed higher again, the S&P 500 up 1.7%, the Dow 1.1% and the Nasdaq 0.7%. Over the NY morning the US Manufacturing PMI for April printed at 50.7 to beat forecasts of 49.0 though Services PMI was 51.4, falling short of forecasts of 52.6. The data shows US business activity growth slowed to a 16-month low in April, with business expectations about the year ahead dropping to one of the lowest levels since the pandemic. Overnight we'll see Unemployment Claims, Durable Goods Orders m/m, Existing Home Sales and Revised UoM Consumer Sentiment.
 

EUR

AUDEUR opens flat at 0.5617, a bit of movement overnight though returning to similar levels from yesterday morning. European PMI surveys saw business growth stalling, Germany’s service-sector hurt by trade-related uncertainty and private sector contracting. Overall European Flash Manufacturing PMI and Flash Services PMI saw contraction in both industries at 48.7 and 49.7. European equites finished strong closing up, the DAX at 3.1% and the CAC 2.1%. Little data out today and over the weekend with German ifo Business Climate being the biggest data release today.
 

GBP

AUDGBP opens nearly identical to yesterday at 0.4797. The FTSE saw continued growth at 0.9%. Bank of England Governor Bailey spoke at the Institute of International Finance around global trade tensions and the continued impacts for the UK and Global Economies. Retail Sales m/m will be the major data out tomorrow, previous +1.0% and forecasted at -0.3%. Otherwise relatively quiet till next week.
 

NZD

AUDNZD following suit across the majors opening flat at 1.0692. Yesterday had Credit Card Spending y/y released with no change on previous at 0.8%. No data out today or over the weekend and tomorrow is a bank holiday for ANZAC day.