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A$ In Narrow Ranges, CPI Coming Up

AUD

AUDUSD range traded until US consumer confidence printed higher than expected and the USD rallied on that and higher yields (USD index +0.1%). AUDUSD is down 0.1% to 0.6650, close to the 0.6643 low after a high of 0.6680.

  • The bullish cycle begun April 19 remains intact. Initial resistance and bull trigger is at 0.6714, May 16 high. Initial support is at 0.6592, May 24 low.
  • Aussie was weaker against most European currencies with AUDEUR down 0.1% to 0.6124 while AUDGBP is slightly lower at 0.5210. AUDJPY is 0.1% higher at 104.50 and AUDNZD +0.1% to 1.0828.
  • Equities were lacklustre with the S&P flat but euro stoxx down 0.6% and FTSE -0.8%. Oil prices were higher with Brent up 1.8% to $84.60/bbl. Copper is up 2.3% but iron ore is down to around $118/t.
  • Today April CPI prints and is expected to ease 0.1pp to 3.4%. There is also Westpac’s April lead index and Q1 construction work done.
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