During today’s Currency Call, Gim Hong highlighted that the Reserve Bank of Australia (RBA) is expected to hold its monetary policy unchanged. No changes will be made to quantitative easing as the central bank has recently launched the second round of its $100 billion government bond purchase programme. Pay attention to whether the RBA will be making any amendments to the third round of quantitative easing which is expected to be in quarter three. Also, take note of the central bank’s economic forecast for Australia.
Scott highlighted that the weaker than forecast ISM manufacturing PMI data released yesterday led to the weakening of the U.S. dollar index. The weaker data was a result of a decline in supply chain. At the moment, wait for the dollar index to move to the 90.80 level before looking for buying opportunities.
Jin highlighted that although the series of eurozone manufacturing PMI data released yesterday was worse than expected, it still indicates that business activities in eurozone are still expanding.
During the day, EUR/USD weakened.
A series of eurozone services PMI data will be released this Wednesday from 1515 (SGT) onwards.
The U.S. ISM non-manufacturing PMI data will be released this Wednesday at 2200 (SGT).
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