AUD to remain on the back foot this week - ANZ

The less supportive backdrop for commodity prices along with increasing wariness in global financial markets suggests the AUD will remain on the back foot this week, according to the analysts at ANZ.

Key Quotes

“Locally, we will keep an eye on credit growth as slowing investors’ credit could make the RBA less reluctant to ease policy. That said, this data is second tier, and so US rate dynamics and developments in the commodity space will remain the main drivers of the AUD.”

“In Australia, the RBA’s Debelle is unlikely to make any comments on the economy or monetary policy.”

“In New Zealand, business confidence should remain resilient, and indicators of capacity utilisation tight – but they will not be a trigger for the RBNZ as it is not new information.”