FXStreet (Guatemala) – Analysts at RBS explained the fundamentals data for the antipodean currencies ahead.
Key Quotes:
“Second quarter wage growth is the highlight. The RBA noted a stronger domestic employment picture in their August decision, even as risks to the international picture mount.”
“But the July employment data released following that decision showed the unemployment rate jumped to 6.3%, matching its highest level since 2002. The major data releases in China over the weekend may set the tone for the AUD, particularly the latest trade data and July CPI and PPI.”
“In New Zealand, watch credit card spending and 2Q retail sales for two metrics of domestic consumer outlays. The NZD has stabilized amid more positive commentary on the domestic economy by the RBNZ and a less blunt assessment of the desire for additional currency weakness.”
“But that “relaxed” stance on the FX rate has quickly come under pressure as New Zealand’s terms of trade have likely fallen further in response to the sharp drop in dairy prices. We think risks are increasing that the RBNZ resumes a more overt jawboning stance on the currency.”
(Market News Provided by FXstreet)