Australian dollar coin
A one Australian dollar coin is seen in this picture illustration taken in Sydney, Australia, July 29, 2015. Reuters/David Gray

Bell FX Currency Outlook: The Thai Baht is the second worseperforming currency overnight (after the Turkish Lire)following yesterday’s bomb blast in the centre of Bangkok.

Australia: The AUD has calmed since the PBoC moved to stabilise itscurrency, though the market continues to digest the impact of last week’sdevaluation on the Australian economy. The market is currently looking fordirection and while the RBA Minutes are an event risk today, they areunlikely to surprise. The AUDUSD is virtually unchanged for the last 24hours, but with key commodities coming under pressure the topside willcontinue to remain contained. ANZ Roy Morgan consumer confidence isout at 9:30 AEST, followed by the August RBA Minutes at 11:30 AEST.For the NZD it will be the GDT auction overnight, which is expected to bestrong.

Majors: A quiet start to the week as European summer holidayscontinued to curtail market activity. Last night provided little in the way ofnew information on China. The focus is now shifting to the US andwhether the data will flag pending Fed ‘lift-off’. USD fell to session lowsafter The New York Empire Manufacturing survey was much weaker thanexpected, declining to the lowest level since 2009, but optimism wasrestored to a degree as NABH housing market index rose to the highestlevels since 2005 reflecting the ongoing improvement in the US housingmarket. The market is sitting on the sidelines awaiting U.S. CPI data andFOMC Minutes.

Economic Calendar 18 AUG

  • AU RBA Minutes Aug
  • AU New Motor Vehicle Sales Jul
  • CH Property Prices Jul
  • US Housing Starts/Building Approvals Jul

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