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Aussie down slightly ahead of NAB surveys

2017-3-14 09:39:45Market Analysis
Aussie down slightly ahead of NAB surveys

The Aussie traded a tad weaker on Tuesday in Asia ahead of a survey on business with investors also looking ahead to China data sets on retail sales and industrial output.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.12% at 101.26.

AUD/USD traded at 0.7567, down 0.05%. USD/JPY changed hands at 114.93, up 0.04%. GBP/USD traded at 1.2210, down 0.07%.

In Australia, NAB reports business confidence for February with a previous reading of plus-10, along with the NAB business survey with a previous reading of plus-16.

China then reports fixed asset investment for January with an 8.2% gain expected year-on-year, industrial production seen up 6.2% and retail sales with an expected 10.5% increase.

Global financial markets will be busy with central bank meetings in the week ahead, with policy decisions due in the U.S., Japan, the U.K and Switzerland.

Investors were awaiting the outcome of the Fed’s two-day policy meeting on Wednesday, with a rate hike almost fully priced in by markets, according to Investing.com's Fed Rate Monitor Tool.

Investors will also keep an eye out for headlines coming out of a two-day meeting of G20 central bankers and finance ministers in Germany for further hints on the strength of the global economy and the future direction of monetary policy.

Overnight, the pound was one the biggest gainers against the greenback, after Scottish First Minister Nicola Surgeon announced in a speech Monday, the Scottish Government will move to hold a second referendum on independence from the United Kingdom.

On the Brexit front, expectation grew that British Prime Minister Theresa May could trigger Article 50, which formally starts the Brexit process, as early as Tuesday, as ministers believe MPs will reject the two changes made to the Brexit bill in the House of Lords when they debate it this week.