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A$ Continues To Underperform But Trying To Break 68c

AUD

Aussie was again one of the underperformers in the G10 but rose 0.1% versus the greenback. AUDUSD is currently around 0.6797, close to the intraday high of 0.6805. The USD index fell 0.4% after Fed Chair Powell said that most FOMC members believe that rates will have to rise “somewhat” further this year.

  • The weakening of AUDUSD this week is seen as corrective. Initial resistance is at 0.6857, June 20 high, and support at 0.6741, June 21 low. It struggled to break above 0.6800 on Wednesday and when it did couldn’t hold it.
  • Aussie is up 0.4% against the yen at 96.40 but down 0.4% versus kiwi to 1.0957. AUDNZD fell below 1.10 during Wednesday’s APAC session. AUDEUR is down 0.5% to 0.6187 but AUDGBP rose 0.2% to 0.5326.
  • Equity markets were weak as risk appetite remained soft. The S&P and Eurostoxx both fell 0.5%. VIX fell to 13.2%. Oil prices were higher with the WTI up 1.8% to $72.47/bbl. Copper rose 0.6% and iron ore is $111/t.
  • There are no data or events in Australia today.
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