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On Lookout For Offshore Impetus From Chinese Data

AUD

In the absence of Australian data releases, the main focus today will fall on China's quarterly GDP & monthly economic activity indicators. AUD/USD changes hands at $0.7209, virtually unchanged on the day, stabilising after Friday's rout.

  • A break below $0.7130, which limited losses on Jan 7, would clear the way to Dec 20 low of $0.7082. On the flip side, a rebound above Jan 13 high of $0.7314 would shift focus to Nov 15 high of $0.7371.
  • The cancellation of Novak Djokovic's visa has dominated Australian news flow, stealing attention from epidemiological data. Case counts in NSW and Victoria fell markedly but ICU bed occupation rates jumped. Federal Health Min Hunt said that the Omicron wave might be peaking but warned against difficult weeks ahead.
  • Later this week, Westpac Consumer Confidence hits Wednesday, while consumer inflation expectations & labour market report come out Thursday.
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