by Chris Becker
Yesterday’s NAB Business Survey put the Australian dollar under pressure, but it wasn’t until overnight markets reacted to the poor print coupled with their unease surrounding the upcoming Powell testimony that saw support disappear for the Pacific Peso which crashed to a two week low:
And now its ripe to fall again as the Westpac Consumer Confidence print takes a big nose dive, with the latest survey encompassing so much “good news” since the previous print, it should have been a clear increase. For the record, there’s been another RBA rate cut (and all but CBA’s mortgage rate cuts)ScoMos tax bribes, easing in lending standards for more housing speculation and a possible reversal in the housing market itself.
But no, the index fell to 96.5 from 100.7 points with -4.1% for the month. The Aussie dollar is off already and looks set to break below 69 cents vs USD:
More bad news tonight if Powell doesn’t go dovish.