The Aussie underperforms its G10 peers at....>

AUSSIE: The Aussie underperforms its G10 peers at writing, with AUD/USD last

seen at $0.7061, 10 pips worse off. Bears look to the Mar 8 monthly low & lower

Bollinger band (3%) at $0.7003, while bulls target the 21-DMA at $0.7083.

- The rate finished 41 pips lower yesterday, mostly on the back of modest tweaks

in the latest RBA's MonPol statement, which many read as a dovish signal. The

pair gyrated immediately post-RBA, but eventually spiked lower, as focus turned

to the last paragraph of the RBA's statement, which now says that the Board will

"monitor developments and set monetary policy to support sustainable growth in

the economy and achieve the inflation target over time." Elsewhere, the Bank

left its cash rate unch. at the record low of 1.50%, in line with expectations.

- Australian Tsy released its FY2019/20 budget in the European morning, which

delivered a projected cash surplus (wider than that envisaged in the MYEFO) &

various measures of fiscal stimulus ahead of the upcoming federal election.

- Australian retail sales and trade balance are due at 0130BST/1130AEDT. After

these releases, Australian focus will turn to Caixin services & composite PMIs

from China; any fallout from the Sino-U.S. trade talks will be of interest.