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Free AccessA$ Edges Higher, Limited Impact From RBA SoMP And Retail Sales Miss
AUD/USD hasn't reacted a great deal to the RBA SoMP or the Q3 real retail sales data. We continue to sit just under 0.6300, slightly above NY closing levels. This is line with other majors, which have edged higher against the USD in the first part of the session.
- The forecast changes outlined in the SoMP look to be largely as expected, with inflation pushed higher, while growth lower.
- Q3 retail sales volumes were weaker than expected at 0.2%, versus +0.4% expected. Note also Q2 was revised down to a +1% rise from +1.4% originally reported. Recent trends around less spending on food/household goods, against a an expansion in outdoor spending (cafes & restaurants and department stores) looks to be intact.
- The AU-US 2yr spread is hitting fresh cyclical lows, near -140bps at this stage. This isn't impacting AUD sentiment at this stage, while other cross-asset drivers look fairly muted in the first part of the session.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.