Forex Flash: Australia with softer PMI and housing prices, pressure on consumer spending – TD Securities

FXstreet.com (Barcelona) - Soft second-tier data in Australia today: “The manufacturing PMI declined 7.7pts to 36.7, lowest in three years, as the high AUD continue to put pressure on manufacturers. House prices declined –0.5% in April (following +2.8% over Q1), but as the data is not seasonally adjusted, we prefer to look at the y/y measure, which rose from 2.4% to 2.7% y/y”, wrote TD Securities analyst Alvin Pontoh, expecting near term downside pressure for consumer spending after the confirmation that the Government plans to announce an increase in the Medicare levy in the upcoming Budget to fund the new disability insurance scheme.