Aussie Ticks Away From Thursday's Low, RBA SoMP Takes Focus

The Aussie dollar was sold Thursday as China's Caixin Services PMI extended a run of downside surprises, reflecting the impact of crippling lockdown restrictions, while the broader risk backdrop deteriorated sapping demand for riskier currencies. As a result, AUD/USD wiped out the entirety of its post-FOMC gains from the previous trading day.

• The pair last deals at $0.7124, up 12 pips on the day. A rally above $0.7266, which capped gains on May 4 & 5, would expose the 50-EMA at $0.7286. Conversely, initial bearish focus falls on May 2 low of $0.7030.
• Former PM Turnbull backstabbed the current Liberal leadership in the midst of the ongoing election campaign as he encouraged voters to pick independent candidates.
• The RBA will publish its quarterly Statement on Monetary Policy today after raising its cash rate target for the first time in more than a decade earlier this week.
• Looking further afield, CBA Household Spending, NAB Business Confidence, inflation-adjusted retail sales, Westpac Consumer confidence and consumer inflation expectations will be released next week.