AUD: Data insufficient to end the current phase of currency weakness - BBH

Research Team at BBH, suggests that the Australian data is unlikely to be sufficient to end the current phase of currency weakness.

Key Quotes

“The key economic report is the April employment data. Australia reported job losses in January and February and a 26k gain in March. The median guesstimate from the Bloomberg survey is for a 12k increase.

The minutes from the RBA meeting in which rates were cut are due out at the start of the week. These minutes ought to read with a clear a dovish bias. A rate cut at the next RBA meeting, on June 7, may be too soon to anticipate a follow-up rate cut, but the minutes will be looked at for clues.”