If you are just waking up and wondering why the AUD is so much lower overnight ... check this out from Ryan:

RBA will cut in May

Looks like its on the cards!

Economic data coming up from Australia today:

2330GMT

  • AIG Performance of Manufacturing index for April, prior was 46.3

0000GMT

  • CoreLogic RP Data/Rismark house price index for April, prior was +1.4%

0130GMT: Q1 PPI. The recent Q1 inflation data showed a very slight bump in core inflation, and today we'll get a look at the PPI. These figures only come out once a quarter in Australia. This is the focal point of Australian data today - the PII might give us a clue of inflation 'in the pipeline'.

  • For the q/q, prior was 1.1%
  • For the y/y, prior was 0.1%