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A$ Down As USD Firms & Equities Sell Off, US CPI Up Later

AUD

AUDUSD is down 0.4% after rising over a percent on Monday, as equities across the region are sharply lower. It is currently trading around 0.6644 just off the intraday low of 0.6632. Following on from banking troubles in the US, the market has priced out further RBA hikes for now. The USD index is up 0.2% so far in trading today.

  • Aussie is down 0.3% against the kiwi to 1.0693. While it has been trading sideways against most other major currencies with AUDJPY around 88.86, AUDEUR 0.6210 and AUDGBP 0.5466.
  • Equity markets have corrected today by more than they did in the US on Monday. The ASX is down 1.6%, the Hang Seng -1.8% and the Nikkei -2.1%. S&P e-minis though are up 0.6%. Gold prices are down 0.5% as US yields firmed. WTI is down 1.1% to around $74/bbl. Iron ore is off of its intraday high but still trading around $131.50/t.
  • Later US CPI for February is released and is expected to post similar monthly increases to January but see the annual rates moderate. The Fed’s Bowman speaks as well. There is no Australian data scheduled for Wednesday but the quarterly statement from the Council of Financial Regulators is published.

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