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A$ Bounces On China Equity News But Can’t Break Through 66c

AUD

Aussie has bounced on news of a possible $278bn support package for China’s equity market after it ended at a 5-year low yesterday. AUDUSD is up 0.4% and is approaching 66c but has only gone as far as 0.6599. The pair is currently around 0.6598. The USD index is down 0.1%.

  • Aussie crosses are doing well too with AUDJPY 0.4% higher at 97.72. AUDNZD has traded most of the session above 1.08 and is currently up 0.2% to 1.0830. AUDEUR has risen 0.3% to 0.6057 and AUDGBP +0.3% to 0.5185.
  • Equity markets are stronger with the ASX up 0.7%, Hang Seng +2.8% and CSI 300 +0.3%. The S&P e-mini is slightly higher. Oil prices are little changed with WTI down 0.1%. Copper is up 0.4% and iron ore around $132/t with both commodities benefiting from the China headlines.
  • Another quiet calendar today with January US Richmond/Philly Fed indices released and euro area preliminary consumer confidence. Tomorrow the Judo Bank preliminary Australian PMIs print.
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