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A$ Advances On Better Risk Appetite Ahead Of US CPI


Aussie outperformed most of the G10 against the dollar on Monday as risk sentiment improved ahead of today’s US CPI report, which is expected to show inflation eased further. AUDUSD is up 0.7% to 0.6965, close to its intraday high. The USD DXY fell 0.3%.

  • AUDUSD remains in an uptrend and the bull trigger lies at 0.7158, the February 2 high. A clear break through 0.6883, the 50-day EMA, would signal a deeper correction.
  • Aussie was up 1.4% against the yen, as the latter was the worst performer in the G10. It is currently trading around 92.22. AUDNZD is down 0.2% to 1.0951. AUDGBP is flat at 0.5738 but AUDEUR is up 0.2% to 0.6495.
  • Equity markets were stronger on better sentiment with the S&P up 1.2% and the Eurostoxx +1%. The VIX is down to 20.5%. Brent fell 0.5% to $85.94/bbl after reaching a peak of $86.95 during NY trading. Copper was up 1.1% and iron ore is down to around $121/t on uncertainties regarding the China recovery.
  • Today Westpac February consumer confidence prints followed by the NAB January business survey. The latter will be watched closely for developments in cost pressures, especially labour. Consumer confidence is depressed but may have troughed.

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