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A$ Firms, But Lags JPY

AUD

(MNI Australia) AUD/USD rebounded strongly through NY trade. From the low 0.6700 region we got back close to 0.6790, last tracking at 0.6780. Firmer risk appetite in the equity space spilled over into A$ demand. The currency still lagged the yen in the G10 space though.

  • On the topside the 200-day EMA sits at 0.6825, beyond that is mid December highs near 0.6900. While the 20-day EMA is at 0.6724 on the downside.
  • Equity sentiment improved as Italy stated testing of China arrivals with covid didn't indicate a new variant of the virus. EU health officials also pushed back on travel restrictions for China travelers, bucking trends seen from other countries like the US and Japan.
  • EU/US equities rose, while the VIX slipped back to 21.44%, but remains within recent ranges.
  • AUD/JPY failed to sustain a break above the 20-day EMA (90.86), last tracking at 90.15. Yen was aided by a further pullback in core yields.
  • Commodities were less supportive in terms of aggregate indices slipping slightly, although iron ore is around fresh highs back to late July, above $115/tonne.
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