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Why MNI
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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 AccessLockdown Looms In Victoria
After a brief foray higher alongside NZD during yesterday's Asia-Pac session, AUD/USD gave back all of its gains and more amid greenback demand heading into month-end the long weekend in the US, the rate finished the session 8 pips lower at 0.7743. The pair last down 4 pips at 0.7738.
- On the coronavirus front the government in Victoria will announce a lockdown today in a bid to curb the state's growing coronavirus outbreak according to ABC. The latest outbreak has now reached 26 cases, with 11 new cases recorded overnight. It is unclear if the lockdown will apply to the whole state or just Melbourne.
- From a technical perspective AUD/USD remains in a range. A bearish theme dominates though following the recent move lower to 0.7688 on May 13. A firm support zone has been defined at 0.7688-75, the latter is the May 4 low. Clearance of this support would strengthen a bearish case and signal scope for a deeper pullback towards 0.7586, the Apr 13 low. For bulls, a breach of 0.7813, May 18 high would signal scope for a climb towards 0.7891, high May 10.
- The highlight of the domestic economic docket today is Q1 CapEx data due at 0230BST/1130AEST. The consensus is a gain of 2.0%, CBA are more bullish: "We expect a lift in the volume of capex in Q1 2021 of 5%/qtr. We also expect the forward looking estimates of capex will be upgraded in line with the improving economic outlook. The sixth estimate for 2020/21 is expected to be upgraded to $A129bn, while the second estimate for 2021/22 is expected to print at $A116bn."
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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.