MNI BRIEF: Fed's Williams Says There's No Urgency To Cut Rates

MNI: US March Existing Home Sales Fell 4.3% To 4.19M

WILLIAMS: NOT BASE CASE TO RAISE RATES FURTHER

MNI BRIEF: Beijing Opposes U.S. Measures Against Chinese Steel

MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

US EIA:NAT GAS STORAGE +50 BCF TO 2,333 BCF APR 12 WK

MNI: US NAR: MAR EXISTING HOME SALES 4.19M SAAR

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Outperforms On Crosses, Q1 GDP in Focus Today

AUD

AUD/USD was weaker post the Asia close, dragged down by broad USD strength. We outperformed on a cross basis though. We open this morning around 0.7175.

  • Equity sentiment was softer in the US and EU for month end, while the US VIX index faded from an earlier spike above 28% to close in the low 26% region.
  • This didn't derail AUD/JPY though, with the pair pushing back above the 50-day MA at 91.92, we open this morning at 92.36. Yen underperformed within G10 FX on the global sell-off in fixed income.
  • Commodities lost ground, with iron ore back to the low $130/tonne region. Copper also fell modestly, while oil moved away from highs late in the US session.
  • The main data focus will be the Q1 GDP print. Recall yesterday's Q1 partials firmed some sell-side analysts’ expectations. The consensus sits at 0.7% for QoQ, 3.0% for YoY. There could also be focus on wages/earnings information from the GDP report.
  • House price data already printed earlier today, dipping 0.3% for May, the first monthly decline since September 2020.
  • From a technical standpoint the current bull theme persists. The resumption of gains put prices north of the 50-day EMA, at 0.7170 and has exposed resistance at 0.7266, the May 4/5 and a bull trigger. Support just below 0.7100 is evident at the 20-day EMA.
BulletMarketsForeign Exchange BulletsHomepagemarkets-real-time
BulletMarketsForeign Exchange BulletsHomepagemarkets-real-time

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.