Week's outlook for the AUD/USD via ANZ
Locally:
- While the RBA left its view largely unchanged, sentiment towards the AUD has remained subdued. Throughout, we have continued to note that we think risks are tilted to the upside from current levels as market expectations of rates hikes remain too conservative.
- This week will be a challenge, as we think the data could moderate. However we see any weakness as an opportunity to buy.
- On the data front, the NAB survey should show some moderation.
- The pace of job growth should slow, but that's from elevated levels, and, as such, the RBA won't be concerned.
- Ultimately, evidence of stabilisation in wages will be the key
And, on the USD side:
- In the US, strength in activity data remains key for sentiment towards the USD, but the news flow from Washington will counterbalance any upside surprise.
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ps. The data flow in Asia ANZ refer to
NAB survey:
- National Australia Bank October business conditions and confidence
- Due Tuesday 0030 GMT
Job growth:
- Australia labour market report due 16 November, 0030 GMT
Wages data:
- Wage price index for Q3 due November 15 0030 GMT
I already noted the China data due Tuesday, here: Range prediction for the AUD/USD this week
