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Forex Flash: Aus April services PMI another weak data - Westpac

FXstreet.com (Barcelona) - Australia’s data calendar offers limited guidance ahead of Tue’s RBA meeting, comments Sean Callow, FX strategist at Westpac, "where pricing is now above 50%, with -14bp priced in, -60bp in total (Feb 2014)" he says.

Sean added: "Australia’s Apr services PMI dropped to 44.1 from 49.6 in March. This is another weak data point but the survey sample seems gloomier than the rest of the economy as the headline hasn’t broken 50% since Jan 2012 despite 3.6% GDP in 2012. Seasonality might be a factor as Apr 2012 was just 39.6. Q1 PPI should be overlooked given muted CPI recently."

Forex Flash: Stay short AUD/NZD – UBS

The AUD/NZD finished the day down 20 pips at 1.2060 (lowest daily close since Oct 2009). The pair has been in a steep downtrend for the last six weeks, and some analysts see no reason to expect anything different going forward.
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