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Stabilising After Sharp Sell-Off

AUD

Acute weakness in the yuan spilled over into the Aussie dollar on Monday, as China's worsening Covid-19 situation fuelled worries about implications for regional demand. The PBOC's decision to trim its FX RRR and a recovery in U.S. equity benchmarks allowed AUD/USD to move away from worst levels later in the day, but the rate finished the day on the back foot nonetheless.

  • Australian financial markets reopen after the ANZAC Day, with AUD/USD trading flat at $0.7178. Domestic headline flow remains dominated by federal election campaign/China's security deal with the nearby Solomon Islands.
  • From a technical perspective, should the rate fall through yesterday's low of $0.7135, bears could take aim at Feb 24 low of $0.7095. Conversely, the key initial bullish target is located at $0.7458, which represents the high prints of Apr 20 & 21.
  • Inflation figures headline the local data docket this week, with CPI due Wednesday & PPI due Friday.
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