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MNI: FED'S POWELL STILL SEES POSSIBLE PATH TO SOFT LANDING

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A$ Clears Bull Trigger Vs US$, RBA’s Bullock Speaks Today

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Optimism that the Fed is done tightening and that there will be a soft landing drove the USD lower and US equities higher, which pushed AUDUSD up 0.7% to 0.6561, well clear of the bull trigger at 0.6523 and close to the intraday high. The USD index fell 0.5%.

  • The break above the bull trigger is an important development and signals scope to rise towards 0.6582, a Fibonacci retracement. Initial support is at 0.6421, 50-day EMA.
  • Aussie was a mid-range performer in the G10 but underperformed against the yen and kiwi with AUDJPY -0.1% to 97.34 and AUDNZD -0.1% to 1.0865. AUDEUR rose 0.4% to 0.5996 and broke through 0.6000 briefly a number of times. AUDGBP is 0.4% higher at 0.5246.
  • Equity markets were mixed with the S&P up 0.7%, CAC +0.2% but the Euro stoxx flat and the FTSE and DAX down 0.1%. Oil prices rose around 2% with WTI at $77.56/bbl. Copper is 1.9% higher and iron ore has risen to over $132/t.
  • Today at 1000 AEDT Governor Bullock participates in a panel at the ASIC Annual Forum. This is followed by the minutes from the November meeting at 1130 AEDT.
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Optimism that the Fed is done tightening and that there will be a soft landing drove the USD lower and US equities higher, which pushed AUDUSD up 0.7% to 0.6561, well clear of the bull trigger at 0.6523 and close to the intraday high. The USD index fell 0.5%.

  • The break above the bull trigger is an important development and signals scope to rise towards 0.6582, a Fibonacci retracement. Initial support is at 0.6421, 50-day EMA.
  • Aussie was a mid-range performer in the G10 but underperformed against the yen and kiwi with AUDJPY -0.1% to 97.34 and AUDNZD -0.1% to 1.0865. AUDEUR rose 0.4% to 0.5996 and broke through 0.6000 briefly a number of times. AUDGBP is 0.4% higher at 0.5246.
  • Equity markets were mixed with the S&P up 0.7%, CAC +0.2% but the Euro stoxx flat and the FTSE and DAX down 0.1%. Oil prices rose around 2% with WTI at $77.56/bbl. Copper is 1.9% higher and iron ore has risen to over $132/t.
  • Today at 1000 AEDT Governor Bullock participates in a panel at the ASIC Annual Forum. This is followed by the minutes from the November meeting at 1130 AEDT.