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CNB Very Likely To Hike By 50bps This Week



AUSSIE: AUD/USD operated within a 20 pips range overnight, adding a handful of
pips eventually. The rate sits at $0.7053, 5 pips better off at typing.
- Australian AiG m'fing PMI accelerated to 54.8 from 51.0, while final CBA
m'fing PMI was revised to 50.9 from 51.0. CoreLogic House Price Index printed at
-0.5% M/M vs. the prior -0.7%, moderating worries re: Australia's housing slump,
which has been a concern for the RBA. Firmer iron ore prices might have been
slightly AUD-supportive.
- The topside focus falls on $0.7061, where the rate peaked on Apr 26 & 29.
Above here would draw bullish attention to the yesterday's high of $0.7069,
touched in the run-up to the release of Chinese official PMI figures. Bears look
for a clean break below the 100-HMA, which now kicks in at $0.7039, before
challenging the lower 1.0% 10-DMA envelope at $0.7006.
- Friday will see the release of Australian building approvals.