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AUSTRALIA: Albanese Lines Up Budget for May Election

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Today's AU docket is headlined by the RBA....>

AUSSIE
AUSSIE: Today's AU docket is headlined by the RBA MonPol decision and the
FY2019-20 federal budget. The RBA is exp. to provide little in the way of
surprise; for our preview visit https://emedia.marketnews.com/MNIRBAApr2019.pdf.
The federal budget will garner more attention, with focus on the cash
surplus/deficit situation, the AOFM's borrowing requirements & any fiscal
stimulus ahead of the upcoming national elections.
- The rate added 16 pips yesterday, with initial move higher underpinned by the
broader risk-on feel, stemming from optimism re: Sino-U.S. trade talks and
strong Chinese PMI readings (official and Caixin m'fing). Worth noting a
slowdown in the rate of decline of Aussie house prices also supported the rate
in early Asia-Pac hours yesterday. However, strong U.S. ISM & construction data
applied weight in the NY session, erasing some of AUD/USD's earlier gains. 
- AUD/USD last $7108, a touch lower on the day. Bulls look for a break above the
50-DMA/55-DMA at $0.7120/24, while bears target the 21-DMA, located at $0.7086.
- Australian retail sales and trade balance, as well as Chinese Caixin services
& composite PMIs are due Wednesday. AU building approvals are due later today.
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