AUD/USD recovered losses registered on the...>

AUSSIE: AUD/USD recovered losses registered on the back of a soft domestic

building approvals print and last sits at $0.6998, a touch lower on the day.

- As a reminder, building approvals fell by 15.5% on a M/M basis vs. the prior

19.1% increase. The Y/Y metric declined by 27.3% vs. the prior 12.3% decrease.

Both figures missed expectations of -12.0% and -25.1% respectively.

- The releases of Australian AiG & CBA services PMIs were ignored by AUD.

- After the rate had a look below the Apr 25 multi-month low of $0.6988, bears

continue to look for a clean breach of the level. This would open up the lower

1.0% 10-DMA envelope at $0.6972. On the topside, initial focus falls on

yesterday's peak, situated at $0.7029.

- The RBA will deliver its MonPol decision on Tuesday, with markets currently

pricing in a ~40% probability of a 25bp cut to the cash rate. The RBA SoMP will

be released on Friday.

- Australian Melbourne Institute inflation expectation is due Monday, while

retail sales and trade balance come out on Tuesday. Focus also falls on

inflation and trade data from China, due Wednesday and Thursday respectively.