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Retail sales due at 7:00BST

SCHATZ TECHS

(U2) Trims Losses into Close

EUROZONE ISSUANCE

EGB Supply For W/C July 18, 2022

BOBL TECHS

(U2) Bounces Off Low

EUROZONE T-BILL ISSUANCE

W/C July 18, 2022

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AUSSIE
AUSSIE: AUD/USD hit a high of $0.7379 in the wake of the RBA MonPol decision,
last $0.7377, as the rate sticks to a tight range. Rate likely benefiting from a
nod towards positive wage developments, even though the Bank noted that any
developments on the matter are likely to be gradual in nature. "The stronger
labour market has led to some pick-up in wages growth, which is a welcome
development. The improvement in the economy should see some further lift in
wages growth over time, although this is still expected to be a gradual
process." Talk re: tighter credit matters noted. "Ongoing trade tensions" also
mentioned. All in all there was little in the way of notable developments in the
statement (the final paragraph continues the recent trend of remaining
unchanged), with tomorrow's AU GDP release providing the interest in terms of
economic releases this week. Rate had failed to take advantage of the weaker USD
ahead of the decision.
- Bulls ultimately need a break of $0.7400 to build on recent momentum, an area
which also combines the congestion zone seen in Jun-Aug and the 200-DMA at
$0.7416. Initial support noted at $0.7316, the technical gap from Nov 30.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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