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A$ Impacted By Numerous Factors

AUD

Aussie was a big underperformer on Tuesday after a number of factors weighed on the currency. The exclusion of the need for further rate rises from the RBA minutes appeared to trigger a sell off that was exacerbated by positioning and negative China sentiment. AUDUSD is down 0.9% to around 0.6788 after an intraday low of 0.6753. The USD index was flat.

  • The pullback in risk meant that the yen outperformed the G10 and so AUDJPY is currently down 1.4% to 95.95. AUDNZD is down 0.4% to 1.1006. AUDEUR is 0.9% lower at 0.6616 and AUDGBP is -0.7% to 0.5317.
  • Bullish conditions for AUDUSD remain in place and the latest pullback is considered corrective. Initial resistance is at 0.6900, June 16 high, and support is at 0.6768, June 15 low.
  • Equity markets were weaker driven by the deterioration in risk sentiment. The S&P fell 0.5% and the Eurostoxx -0.4%. VIX fell to 13.9%. Oil was lower again with WTI down 1.5% to $70.85/bbl. Copper fell 0.2% and iron ore is down to just over $111/t.
  • Today the Westpac leading indicator for May prints.
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