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Minor Corrective Bounce in AUD/USD

FOREX
  • Despite a late rally on Wall Street Monday, a broad risk-off feel remains present in markets, with US 10y yields only briefly rising back above 2.80%, before fading into the NY crossover. The price action in bond and equity markets is working in favour of the JPY and greenback, which hold the majority of the week's gains, although AUD is the outperformer so far.
  • Having fallen near 7% from the monthly high, AUD/USD was approaching technically oversold levels, prompting a minor corrective bounce back to the $0.7200 handle. Nonetheless, the pair remains below the week's best levels which hold as first resistance at $0.7261.
  • Elsewhere, the spectre of a potentially extended lockdown across a number of Chinese cities is continuing to work against commodities prices and perceived demand. WTI and Brent crude futures remain in negative territory, keeping oil-tied FX on the backfoot. As a result, NOK is the poorest performer in G10 at present, with USD/CAD similarly not far off yesterday's high at 1.2777.
  • Preliminary US durable goods orders are the data highlight Tuesday ahead of consumer confidence (seen rising for a second month) and new home sales. There are no Fed speakers as the FOMC remain inside the pre-meeting media blackout period, which keeps focus on the ECB. de Cos and Villeroy are both due to speak today.
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