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A$ Falters, Weaker Metal Prices Weigh, Monthly CPI Out Today

AUD

AUD/USD sits just above late Tuesday session lows, tracking in the 0.6685/90 region. Dips sub 0.6680 were supported, but the currency still sits around 0.50% lower, among the worst G10 performers. USD gains were +0.33% for the BBDXY.

  • Jan 5 lows in AUD/USD at 0.6641 remain intact, while beyond that lies 0.6602, trendline support drawn from the Oct 26 low.
  • Broad USD gains weighed on AUD, while equity weakness in major indices didn't help either.
  • Metals weakness was a clear headwind as well. Iron ore lost nearly 2% for the active Singapore futures contract, last near $135/ton, while copper fell 1.25%. The Bloomberg metals index fell 0.41%, and is back to mid Dec levels. Global growth concerns and China headwinds are factors weighing on sentiment.
  • AUD/NZD fell to the 1.07/10/15 region, back to mid Dec levels.
  • We have the Nov CPI as the main data point focus today. The market expects 4.4% y/y versus 4.9% prior.
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