Published: 2024-05-15T04:51:03.000Z
AUD/USD flows: Supported by report on China purchasing unsold homes
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China's government is considering buying unsold homes to ease oversupply
Australia Q1 Wage Price Index +0.8% q/q (expected +0.9%)
Bloomberg reported that the Chinese government is considering buying unsold homes to ease oversupply. While the plan is in in early stage, the idea that "National Team" will be coming in to scoop the oversupply in housing is good enough to support sentiment. The Australia Q1 Wage Price Index came in slightly lower than estimate at 0.8% q/q and 4.1% y/y but it is not far from the 4-4.2% forecast from the RBA and Australian government.
AUD/USD is trading 0.24% higher at 0.6643.