During today’s Currency Call, Scott highlighted that the poor U.S. retail sales data released last Friday reflected the easing in spending by Americans after the stimulus cheques have been used up. The poorer than expected preliminary consumer sentiment data released indicated that people are less bullish on the future economic outlook in the U.S. Scott is more short-bias towards the dollar index at the moment but would like to see how it reacts to the 90.500 level.
Jin highlighted that the speeches to be given by the FOMC members later are unlikely going to move prices much.
The monetary policy meeting minutes that will be released tomorrow by the Reserve Bank of Australia at 0930 (SGT) is unlikely going to move the Australia dollar since the central bank did not do much changes to their monetary policy during the meeting.
The FOMC monetary policy meeting minutes that will be released this Thursday at 0200 (SGT) may lead to some weakness in the U.S. dollar.
The Australian employment data that will be released this Thursday at 0930 (SGT) may lead to some weakness in the Australian dollar as a slowdown in jobs creation is expected in April.
The expectation of the consistency of the U.S. PMI data that will be released this Friday at 2145 (SGT) may have already been priced in, thus may lead to weakness in the U.S. dollar.
During the day, NZD/USD and AUD/USD weakened.
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