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AUD/USD is steady at $0.6913 ahead of the....>

AUSSIE
AUSSIE: AUD/USD is steady at $0.6913 ahead of the release of domestic private
sector credit data at 0230BST/1130AEST. Worth noting that the print comes out
alongside China's official PMI readings.
- The rate fluctuated yesterday, as risk appetite struggled for direction. The
Asia-Pac session saw AUD/USD register gains, as the Aussie drew support from
stronger than exp. CNY fix from the PBoC & the Australian Fair Work Commission
lifting minimum wages by 3.0%. Nonetheless, the pair slid through London hours
on renewed USD demand, having a look below $0.6900 around the WMR fix. A late
uptick allowed it to finish just 5 pips worse off.
- Bears look for a clean break below the $0.6900 mark, which would expose the
May 24 low of $0.6881. The initial bullish target is provided by the 21-DMA at
$0.6936, which is sandwitched between this week's intraday highs clustered
within the $0.6932-39 zone. Above here brings the May 14 high at $0.6960 into
play.
- Australian focus next week turns to the RBA MonPol decision due Tues, as well
as retail sales, GDP & trade balance, due on Tues, Weds & Thurs respectively.
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