MNI China Daily Summary: Friday, June 7

MNI BRIEF: China May Forex Reserves Rise On Weakened Dollar

MNI BRIEF: BOJ Consumption Activity Index Rebounds In April

MNI BRIEF: China Service Trade Grows Rapidly, Deficit Expands

MNI: PBOC Net Drains CNY98 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

Q1 GDP Deflator At 3.6%; 0.5pp Below Eurosystem Projections

Compensation Per Employee Accelerates Above ECB Forecasts In Q1

MNI: EUROZONE Q1 GDP +0.3% Q/Q, +0.4% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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/USD Pushes To Fresh Cycle Highs

AUD

AUD/USD moved higher on Tuesday, touching session highs of 0.7778 before dropping of slightly into the close. The pair dipped slightly but is higher in Asia and making its way back towards new highs. The pair last trades at 0.7767.

  • Oil has caught a bid today after the OPEC+ group announced a decision to reduce supply, this helped support AUD as it pushed to the highest levels since 2018.
  • The US dollar was on the back foot once again, coming under pressure as the Senate elections in Georgia go down to the wire and on US coronavirus concerns.
  • The domestic economic docket is empty today, markets will look ahead to trade data and home building data tomorrow.
  • AUDUSD traded to fresh highs once again Tuesday. The pair last week breached resistance at 0.7640, Dec 17 high and a bull trigger. This confirmed a resumption of the uptrend. The break higher this week also reinforces underlying bullish conditions by maintaining the bullish price sequence of higher highs and higher lows. The focus is on 0.7813 next, Apr 19, 2018 high. MA studies are in a bull mode too. Support is at 0.7643, Jan 1 low.
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