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A$ Holding Above 0.6400, Firmer China Equities/Metal Prices Helped On Friday

AUD

The A$ rebound on Friday ran out of steam near 0.6465 post the Asia close. We closed near 0.6440, still a gain of 0.39% for the session, and we track close to this level in the first part of trade today.

  • AUD/USD remains broadly within recent ranges. The 50-day EMA is around 0.6500, while key resistance is seen at 0.6522 the late Aug/early Sep highs. Dips sub 0.6400 have been supported in recent weeks, while 0.6365, the Aug 17 low, remains key support and the bear trigger on the downside.
  • The A$ received support from the firmer China equity backdrop on Friday, with China reportedly considering easing foreign ownership caps on local equities among a number of positives. The CSI 300 surged 1.81%.
  • Positive sentiment appeared to spill over to the metals space, with the Bloomberg aggregate index up 1.02%. Iron ore is just below recent highs, last at $119.50/ton.
  • AUD/JPY is holding above 95.50, the pair unable to test above 96.00 on Friday, the pair up 0.53% last week.
  • The local data calendar is empty until August CPI on Wednesday. RBA Assistant Governor Jones participates in a panel session today.
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