The S&P is down 0.39% this morning in the Asian session. Some intra-day retracement is to be expected but the broader risk-on move might still have a couple of days to play out as the price action shows the market was not expecting such a positive outcome so quickly. The Westpac May consumer sentiment report for Australia rose 2.2%m/m to put the index back at 92.10. We remain sub recent highs, with 95.9 recorded back in March of this year. The NAB Australian business survey saw conditions ease to +2 from a revised +3 reach in March. On the confidence front, the reading edged up to -1 from -3 prior. These headline measures aren't suggesting a sharp turnaround in domestic economic growth momentum in the near term. The USD/CNY fix was set at 7.1991. Today's fixing is sub the 7.2000 level for the first time since Apr 7. It comes despite the stronger USD index levels overnight, although some offset was from lower USD/CNY levels.
AUD/NZD - Asian range 1.0869 - 1.0888, the Asian session is currently trading 1.0880. The Cross has not backed off once since making a low of 1.0654 on the 23 April, it is now challenging the pivot around 1.0900 a sustained break above would turn the focus higher.
Fig 1 : NZD/USD Spot Daily Chart
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Looking ahead to next week:
Date | ET | Impact | Event |
14 Apr | 1100 | ** | NY Fed Survey of Consumer Expectations |
14 Apr | 1130 | * | US Treasury Auction Result for 26 Week Bill |
14 Apr | 1130 | * | US Treasury Auction Result for 13 Week Bill |
14 Apr | 1300 | Fed Governor Christopher Waller | |
14 Apr | 1800 | Philly Fed's Pat Harker | |
14 Apr | 1940 | Atlanta Fed's Raphael Bostic | |
15 Apr | 0830 | ** | Import/Export Price Index |
15 Apr | 0830 | ** | Empire State Manufacturing Survey |
15 Apr | 0855 | ** | Redbook Retail Sales Index |
15 Apr | 1130 | ** | US Treasury Auction Result for 52 Week Bill |
15 Apr | 1910 | Fed Governor Lisa Cook | |
16 Apr | 0700 | ** | MBA Weekly Applications Index |
16 Apr | 0830 | *** | Retail Sales |
16 Apr | 0915 | *** | Industrial Production |
16 Apr | 1000 | * | Business Inventories |
16 Apr | 1000 | ** | NAHB Home Builder Index |
16 Apr | 1030 | ** | DOE Weekly Crude Oil Stocks |
16 Apr | 1200 | Cleveland Fed's Beth Hammack | |
16 Apr | 1300 | ** | US Treasury Auction Result for 20 Year Bond |
16 Apr | 1330 | Fed Chair Jerome Powell | |
16 Apr | 1600 | ** | TICS |
16 Apr | 1900 | Dallas Fed's Lorie Logan, KC Fed's Jeff Schmid | |
17 Apr | 0830 | *** | Jobless Claims |
17 Apr | 0830 | ** | WASDE Weekly Import/Export |
17 Apr | 0830 | *** | Housing Starts |
17 Apr | 0830 | ** | Philadelphia Fed Manufacturing Index |
17 Apr | 1030 | ** | Natural Gas Stocks |
17 Apr | 1145 | Fed Governor Michael Barr | |
17 Apr | 1300 | ** | US Treasury Auction Result for TIPS 5 Year Note |
18 Apr | 1100 | San Francisco Fed's Mary Daly | |
18 Apr | 1300 | ** | Baker Hughes Rig Count Overview - Weekly |
18 Apr | 1300 | ** | Baker Hughes Rig Count Overview - Weekly |
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