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AUD/USD Consolidates Above 0.7000, Q1 Wage Data On Tap

AUD

Post the Asian close AUD/USD consolidated gains above 0.7000, but ran into some resistance around the 0.7040 level. We open this morning around 0.7030.

  • Overnight, the focus was elsewhere in the G10 FX space, with the A$ lagging gains seen by EUR and GBP. These currencies benefited from firmer data/more hawkish CB speak.
  • Risk appetite was supportive for the AUD though, with US and EU equities rising across the board. Tech performed strongly, with China listed shares in the US up 5.2%. Hopes of a lower regulatory burden and better earnings the main driver for the China HXC Index.
  • Yields were higher across the board. Moves have been more favorable for the USD, but aren't presenting a headwind to the A$ yet.
  • Commodities were mixed, with iron ore moving away from the $130/tonne level, while oil eased as well. Copper was firmer though.
  • The focus today is on the Q1 wages data, expected to rise 0.80% QoQ (0.7% previously) and 2.5% YoY (2.3% previously).
  • On the technical side, 0.7054, the May 11 high is seen as firm resistance. Beyond that is 0.7135, the low from May 6.
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