The Australian dollar also had a nice run despite slightly weaker labor data. Although the increase in job growth was in line with expectations, full time jobs declined for the first time in 6 months. It was bound to happen but if it continues it could be a big problem because consumer confidence is already falling. The minutes from the last RBA meeting will be the main focus. Having heard from RBA Governor Lowe, we know that they are not extremely concerned about the level of the currency. Although consumer spending remains uncertain and they believe the next move in rates will be higher, they don’t see a compelling reason to change policy in the near term.
My setup for this week.
Happy trade everyone!