Due from Australia today, at 2330GMT
- AiG Performance of Services index for July, prior was 51.2
AiG stand for Australian Industry Group. Yeah, the "I" for industry is not capitalized in the abbreviation. Go figure.
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I'll be back with orderboards for the AUD and NZD soon.
The implications of the RBA comments yesterday are still washing through the market. In brief (you heard it here first):
It's the comments on from Glen Stevens' statement accompanying the decision that is now the focus of much attention ... mostly this:
- The Australian dollar is adjusting to the significant declines in key commodity prices.
That's a big shift to what they'd be saying previously, which went along the lines of:
- Further depreciation seems both likely and necessary, particularly given the significant declines in key commodity prices.
This is a very significant change from the RBA
Ryan's response: Verdict on RBA's Stevens: Talking sense or a man running scared?
And he had the reactions from various banks, here: Want to know the market's verdict on the RBA?
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The thing to keep in mind is what the RBA wants and what the RBA gets are not always the same thing, especially in the short term.
I'm looking for more sideways for the AUD but my bias remains for it lower.
