Aussie Weighed Down by Retail Sales and China, Gold Ready for Another Down Leg
| Action Insight Daily Report 4-30-24 |
Aussie Weighed Down by Retail Sales and China, Gold Ready for Another Down Leg |
Australian Dollar weakened across the board in Asian session, dragged down by unexpectedly poor retail sales data for March. The contraction in sales is a reminder to RBA about the ongoing impact of cost of living pressures exacerbated by higher interest rates and inflation. This challenging economic backdrop is likely to make RBA more cautious about any further rate hikes, which would place additional financial strains on consumers. Concurrently, the economic outlook from China presents a mixed picture. While manufacturing data showed some resilience, disappointing services sector performance is casting doubts on the momentum of China's economic recovery. This uncertainty in China's economic conditions is holding back Aussie bulls from adding to their long positions.... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6532; (P) 0.6559; (R1) 0.6594; More... Intraday bias in AUD/USD is turned neutral first with current retreat. Another rise is mildly in favor as long as 0.6482 support holds. Fall from 0.6870 might have completed at 0.6361 already Above 0.6585 will target 0.6643 resistance next. However, firm break of 0.6482 will dampen this view and bring retest of 0.6361 low instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | Industrial Production M/M Mar P | 3.80% | 3.40% | -0.60% | | 23:50 | JPY | Retail Trade Y/Y Mar | 1.20% | 2.20% | 4.70% | | 23:30 | JPY | Unemployment Rate Mar | 2.60% | 2.50% | 2.60% | | 01:00 | NZD | ANZ Business Confidence Apr | 14.9 | 22.9 | | 01:30 | AUD | Retail Sales M/M Mar | -0.40% | 0.20% | 0.30% | | 01:30 | AUD | Private Sector Credit M/M Mar | 0.30% | 0.40% | 0.50% | | 01:30 | CNY | NBS Manufacturing PMI Apr | 50.4 | 50.4 | 50.8 | | 01:30 | CNY | NBS Non-Manufacturing PMI Apr | 51.2 | 52.2 | 53 | | 01:45 | CNY | Caixin Manufacturing PMI Apr | 51.4 | 51 | 51.1 | | 05:00 | JPY | Housing Starts Y/Y Mar | -12.80% | -7.60% | -8.20% | | 05:30 | EUR | France Consumer Spending M/M Mar | 0.40% | 0.10% | 0.00% | | 05:30 | EUR | France GDP Q/Q Q1 P | 0.20% | 0.20% | 0.10% | | 06:00 | EUR | Germany Import Price Index M/M Mar | 0.10% | -0.20% | | 06:00 | EUR | Germany Retail Sales M/M Mar | 1.30% | -1.90% | | 07:00 | CHF | KOF Leading Indicator Apr | 101.7 | 101.5 | | 07:55 | EUR | Germany Unemployment Change Apr | 7K | 4K | | 07:55 | EUR | Germany Unemployment Rate Apr | 5.90% | 5.90% | | 08:00 | EUR | Italy GDP Q/Q Q1 P | 0.20% | 0.20% | | 08:00 | EUR | Germany GDP Q/Q Q1 P | 0.10% | -0.30% | | 08:30 | GBP | M4 Money Supply M/M Mar | 0.40% | 0.50% | | 08:30 | GBP | Mortgage Approvals Mar | 61K | 60K | | 09:00 | EUR | Eurozone GDP Q/Q Q1 P | 0.10% | 0.00% | | 09:00 | EUR | Eurozone CPI Y/Y Apr P | 2.40% | 2.40% | | 09:00 | EUR | Eurozone CPI CoreY/Y Apr P | 2.60% | 2.90% | | 12:30 | CAD | GDP M/M Feb | 0.30% | 0.60% | | 12:30 | USD | Employment Cost Index Q1 | 1.00% | 0.90% | | 13:00 | USD | S&P/CS Composite-20 HPI Y/Y Feb | 6.70% | 6.60% | | 13:00 | USD | Housing Price Index M/M Feb | 0.10% | -0.10% | | 13:45 | USD | Chicago PMI Apr | 45.2 | 41.4 | | 14:00 | USD | Consumer Confidence Apr | 104 | 104.7 |
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