AUD: Positive domestic data – RBC CM

Sue Trinh, Head of Asia FX Strategy at RBC Capital Markets, ex;ains that Australia reported positive domestic data today as the NAB Survey showed a sharp rise in Business conditions to a decade high in March.

Key Quotes

“Business confidence slipped from 7 to 6 and remains in line with the long-term average. ANZ’s weekly consumer confidence rose 3.3% to 114.8, just above the 2year average. Partials all showed strong improvement, with 2-yr inflation expectations at 4.3%.”

“AUD barely budged on the data as iron ore prices, down ~19.3% from mid-March, have continued to weigh. The differing fortunes of iron ore and crude oil have seen AUD/CAD under pressure. The confluence of support just below spot at the 200dma (0.9984) and the 100dma (0.9982) is key for now.”