Top of the agenda today is a speech from Glenn Stevens, Governor of the Reserve Bank of Australia

  • He takes part in a panel discussion at the Boao Forum for Asia Financial Cooperation Conference
  • The panel starts at 11am local time (0100GMT) ... be on the alert for headlines crossing the wires from then

On the data front:

0130GMT - Building approvals for June

  • For the m/m, expected is -1.0%, prior was +2.4%
  • For the y/y, expected is 19.5%, prior was 17.6%

A good performance from building approvals will be a positive for the AUD. The RBA is assessing the impact of previous interest rates cuts on the ecnomy, and the building sector is an area the bank wants to see preforming well as a transition away from the declining mining sector. As building approvals climb, too, the bank will view this as a positive for its impact on the house price sector (very strong growth in Sydney and Melbourne should be tempered if more supply is made available)

Also at 0130GMT

  • Q2 import price index % q/q: expected is +1.5% q/q, prior was -0.2%
  • Q2 export price index % q/q: expected is -4.0%, prior was -0.8%

AUD ... I'll have the orderboard in a while. For now:

  • Resistance 0.7320 then 0.7350
  • Support around 0.7280 and current levels, then 0.7260/65