Aussie dollar trades below 64 US cents

Daily Currency Update

The Australian dollar is weaker this morning when valued against the Greenback trading below 64 US cents. The Australian Dollar reversed its course against the US Dollar after registering gains during the Asian session. Late in the North American session, losing 0.12% after reaching a daily high of 0.6473. In July 2023 Michele Bullock was appointed as governor of the Reserve Bank of Australia (RBA), commencing today in her new role. She will be the ninth governor and the first woman to hold the position. In China, retail sales and industrial production grew faster than expected in August. Industrial production grew 4.5% y/y in August, while retail sales, increase 4.6%. The economy has struggled to rebound amid a property slowdown, declining exports and low consumer demand. The Yuan advanced immediately following the data, but subsequently faded and ended with little change.
Looking ahead this week on the data front on Tuesday the Reserve Bank of Australia (RBA) will release the Monetary Policy Meeting Minutes. It's a detailed record of the RBA Reserve Bank Board's most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates. On Wednesday the Melbourne Institute will release the Indexes of Economic Activity. This index is designed to predict the direction of the economy, but it tends to have a muted impact because most of the indicators used in the calculation were released previously. Finally, on Friday we will see the release of both Manufacturing and Services Purchasing Managers' Indexes (PMI).