Via Westpac on the Australian dollar:
- AUD/USD is showing some tentative signs of shaking off its lacklustre price action linked to iron ore prices hitting 22mth lows and rocky global market conditions.
- But AUD must still navigate August China activity data this weekend. August China imports, PMIs and recent credit trends, anecdotally, do not auger well for the August data round.
That's right folks - Chinese August 'activity' data is due on Saturday, September 14, 2024:
- at 0200 GMT, which is 2200 on Friday evening US Eastern time
All three of these 3 key indicators:
- retail sales, industrial output, investment
are expected to come in at lower rates of growth than they did in July.