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A$ Holding Up Ahead Of CPI Data

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AUDUSD held above 70c for almost all of Tuesday. It dipped below briefly after the better-than-expected US PMIs but found support and rebounded on the weak Richmond Fed result. Aussie reached a high of 0.7058 during the NY session, close to January 18’s 0.7063. AUDUSD is currently trading around 0.7045.

  • The USD finished the session down 0.2% after a brief rally following the PMIs. The yen topped the G10 but Aussie also outperformed, including versus kiwi. AUDNZD is trading around 1.083 going into today’s CPI reports on both sides of the Tasman. AUDJPY is down 0.2% to 91.67. AUDEUR is slightly higher at 0.6472.
  • Equity markets were more muted with the S&P 500 down 0.1% and the Eurostoxx +0.1%. The VIX fell to 19.2%. WTI oil prices were lower due to recession fears and the rally in US fixed income but they remained above $80/bbl and are currently trading around $80.15/bbl. Iron ore was also down and is about $123.75/t. Copper was 0.1% higher.
  • Today the Q4 and December CPIs are released but first NZ Q4 CPI prints. Australia’s Q4 is forecast to rise 1.6% q/q and 7.6% y/y (Q3 1.8%/7.3%) with the trimmed mean +1.5% q/q and 6.5% y/y (Q3 1.8%/6.1%). December should rise further to 7.7% for the CPI from 7.3% and 5.8% from 5.6% for the trimmed mean.
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AUDUSD held above 70c for almost all of Tuesday. It dipped below briefly after the better-than-expected US PMIs but found support and rebounded on the weak Richmond Fed result. Aussie reached a high of 0.7058 during the NY session, close to January 18’s 0.7063. AUDUSD is currently trading around 0.7045.

  • The USD finished the session down 0.2% after a brief rally following the PMIs. The yen topped the G10 but Aussie also outperformed, including versus kiwi. AUDNZD is trading around 1.083 going into today’s CPI reports on both sides of the Tasman. AUDJPY is down 0.2% to 91.67. AUDEUR is slightly higher at 0.6472.
  • Equity markets were more muted with the S&P 500 down 0.1% and the Eurostoxx +0.1%. The VIX fell to 19.2%. WTI oil prices were lower due to recession fears and the rally in US fixed income but they remained above $80/bbl and are currently trading around $80.15/bbl. Iron ore was also down and is about $123.75/t. Copper was 0.1% higher.
  • Today the Q4 and December CPIs are released but first NZ Q4 CPI prints. Australia’s Q4 is forecast to rise 1.6% q/q and 7.6% y/y (Q3 1.8%/7.3%) with the trimmed mean +1.5% q/q and 6.5% y/y (Q3 1.8%/6.1%). December should rise further to 7.7% for the CPI from 7.3% and 5.8% from 5.6% for the trimmed mean.