AUD/USD: EYE TO CHINA… China’s monthly data dump will be a key focus this week, with risk sentiment likely to swing on the results. Premier Li was on the wires during the Friday NY trading session, noting “many economic indicators improved in Q1”, highlighting some upside risk. Firmer data should see the AUD supported. Malcolm Turnbull’s first state visit to China also starts today. Locally, loans data are unlikely to sway the AUD as markets continue to trade on global factors. Expected range: 0.7480 – 0.7650
AUD/NZD: RANGE BOUND… The cross continues to trade in a relatively tight range as both the AUD and NZD swing on global sentiment. If the market turns ‘risk on’ this week, a lack of NZD liquidity may see the kiwi leg outperform and the cross move lower. Over the medium term, however, we see the AUD/NZD trading higher. Expected range: 1.1040 – 1.1150.
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