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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessAustralian M'fing Sector Continues To Expand, Frydenberg Pledges Childcare Investment
AUD/USD has stuck to a tight range as trading got underway in Sydney and last trades flat at $0.7716. The rate has ignored local manufacturing PMI readings, which continued to improve.
- Australian AiG M'fing PMI improved further to 61.7 in Apr, while final Markit M'fing PMI was revised to 59.7 from the flash reading of 59.6.
- Comments about the upcoming Budget continue to trickle through, with Treasurer Frydenberg noting Sunday that the gov't will unveil A$1.7bn investment in childcare, which is expected to add A$1.5bn to domestic GDP & increase the number of hours worked by 300,000/week.
- Deloitte projected Australia's budget deficit this FY to be A$30bn smaller than predicted by the gov't in their mid-year forecast, owing to stronger hiring and a rally in iron ore prices.
- Tasmanian election held on Saturday saw Liberal premier cling on to power, but it remains unclear if he will command a majority in the state legislature. When this is being typed, the Liberals are one seat short of majority and the results of postal voting (which ends next Tuesday) may prove pivotal.
- The RBA will deliver their latest MonPol decision tomorrow (click to see our latest State of Play piece; the full comprehensive preview is forthcoming). Following that, RBA Dep Gov Debelle speaks Thursday, while RBA SoMP comes out Friday.
- On the data front, focus turns to CoreLogic Logic House Price Index, Melbourne Institute Inflation & ANZ job ads (today), trade balance & housing finance data (Tuesday) & building approvals (Wednesday).
Fig. 1: Australia AiG Manufacturing PMI vs. Australia Markit Manufacturing PMI
Source: MNI - Market News/Bloomberg
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.