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RBA Stays Cautious as US Data Takes Focus

Tuesday set off with Reserve Bank of Australia’s meeting. RBA decided recently to leave rates on hold, currently sitting at a level of 4.35%. From its meeting, the members leaned somehow more towards the upside risk of inflation rather than a slowdown in economic activity. Opting for a potential interest rate hike later in the year. Comments were also made that economic data needs to be absorbed and this could potentially mean that RBA wants to gather more information of performances over a longer timeframe before another interest rate hike can happen.

The afternoons focus will shift to the US. First out is ADP employment change, last week showed an improvement week on week for the first time in seven weeks. Could we see another uplift for the US employment change? Well last weeks figure came in at 9.5k. The USD has been under pressure recently and if we start to see a turnaround and more positive jobs data this could be a start for USD recovery.

Later in the afternoon session US also releasing consumer confidence and new home sales. Both readings calls for a moderation in change. Consumer confidence is forecasted to increase slightly from 90.8 to 91.3. While new home sales is expected to decrease from June’s figure of 628,000 down to 620,000.

GBP/EUR 1.1679 GBP/USD 1.3630 GBP/AED 5.0074

GBP/AUD 1.9073 GBP/CHF 1.0940 GBP/CAD 1.8897
GBP/NZD 2.2901 EUR/USD 1.1656 GBP/ZAR 21.8309

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