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A$ Down On Risk Pullback, Coming Up RBA’s Lowe & CPI Data

AUD

Aussie fell as risk appetite deteriorated with the return of the US and UK from holiday and it underperformed the non-Scandi G10. AUDUSD is down 0.4% to 0.6515 off its Tuesday low of 0.6503. The USD index fell 0.1%.

  • Aussie remains bearish with the resumption of the bear cycle last week. On Tuesday 0.6500 provided support but the focus is now on 0.6403. A break above 0.6818 is needed to reinstate a bullish theme.
  • AUDJPY is down 0.9% to 91.06, the lowest since Friday. AUDNZD fell 0.2% to 1.0782 after trading much of Tuesday above 1.08 and reaching a high of 1.0825. AUDEUR is 0.6% lower at 0.6071 and AUDGBP -0.8% to 0.5250.
  • Equity markets were generally lower with the Eurostoxx down 0.7%, the FTSE -1.4% but the S&P flat. The VIX finished at 17.5%. Oil sank with the general reduction in optimism and WTI is down 4.2% to $69.59/bbl. Copper is 0.6% lower and iron ore fell through the $100 mark and is just above $99/t.
  • Today’s focus is RBA Lowe’s appearance before the Senate Economics Committee at 900 AEST. The session can be watch here. There is also April CPI data which is expected to rise slightly. Also on the schedule are Q1 construction and the RBA’s April private credit data.
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