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A$ Holding Above 0.6700, But Lags JPY & NZD, RBA Kent Speaks

AUD

AUD/USD got above 0.6740 in early trade this morning, with the USD generally weaker post the news of UBS taking over Credit Suisse. A number of major central banks (including the Fed and the ECB) have also announced measures to boost USD liquidity utilizing existing swap lines. The A$ is back lower now, last in the 0.6710/15 region, which leaves us around +0.25% above closing levels form last week.

  • Offshore developments in the global banking space are likely to dominate A$ sentiment today. On Friday the currency rose around 0.6%, but lagged both yen and NZD gains amid a sharp pull back in US yields. The AUD/NZD cross is back sub 1.0700, while AUD/JPY is under 88.50 currency.
  • In terms of technicals, the March 7 high at 0.6748 is an upside target, then 0.6784/87, which is the 1 Mar high and the 50-day EMA. On the downside, look for support around the 0.6590 level (the Mar 15 low).
  • The local data calendar is quiet today, although we do have RBA Assistant Governor Kent speaking at the KangaNews DCM Summit in Sydney (09:05am Sydney time), which is in around 15mins.
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