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Aussie Edges Higher In Morning Trade

FOREX

The Aussie dollar leads gains in G10 FX space as U.S. e-mini futures extending yesterday's gains & crude oil trading on a firmer footing. There is plenty of RBA speak coming up, with Governor Lowe set to speak at the top of the hour, ahead of the release of minutes from the Bank's June monetary policy meeting.

  • We would suggest that RBA Governor Lowe will not sound dovish when he speaks on inflation and monetary policy, which may be extending some support to the AUD this morning.
  • The kiwi has struggled to match the strength of its Antipodean cousin after Westpac data showed that New Zealand's consumer confidence plunged to a record low in the second quarter.
  • After Asia hours, focus will shift to U.S. existing home sales, Canadian retail sales and comments from Fed's Mester & Barkin, ECB's Rehn & Kazimir, BoE's Pill & Riksbank's Skingsley.
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