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A$ Comfortably Higher For The Week, Q3 Retail Sales Volumes On Tap Today

AUD

AUD/USD rose 0.64% for Thursday's session, the pair last near 0.6435. Post Asia close highs on Thursday were at 0.6456, but dips to 0.6410/15 were supported. Along with NZD and CAD, the A$ was the best performing currency in the G10 space for the session. Broad based equity gains aiding sentiment. AUD/USD is up over 1.5% over the past week.

  • Technically, the recent rebound is still considered corrective. Key resistance is viewed at 0.6522, the Aug 30 and Sep 1 high. The 50-day EMA sits near 0.6405, the 20-day a little lower at 0.6370.
  • Focus remains on the rebound in global equities, with US and EU markets up nearly 2%. Sentiment may be tempered somewhat in early trade following sharp Apple losses late on Thursday in US following earnings results.
  • The aggregate Bloomberg commodity index rose 0.85%, but the metals sub index was down slightly. Iron ore sits close to recent highs, last $122.35/ton for the Singapore active contract.
  • Data wise today we have final Oct Judo Bank PMI readings for services and the composite. Also out is Q3 retail sales in terms of volumes. The market expects -0.3% q/q, prior was -0.5%.
  • Assistant RBA Governor Jones (Financial System) also appears on a panel at The Regulators (FINSIA) conference in Sydney.
  • The other focus point will be PM Albanese's trip to China, which commences this Saturday.
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