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A$ In Ranges, Waiting For CPI

AUD

Aussie underperformed the G10 but AUDUSD was only down slightly on the day. Outside the APAC session it tended to trade sideways. It is currently at 0.6675. The USD index is 0.1% lower.

  • The break of the 50-day average at 0.6703 suggests potential further retracement. Support to watch is 0.6627 and a move through this would strengthen bearish conditions. Initial resistance is 0.6731.
  • AUDNZD continued to trend lower falling 0.4% to 1.0830. It reached a low of 1.0818. AUDJPY is down 0.2% to 95.78 but off the intraday low of 95.38. Aussie is flat against the pound at 0.5251 but down 0.2% to 0.6120 versus the euro.
  • Equity markets were mixed with the S&P down 0.5% but the Eurostoxx up 0.2%. VIX is 14.2%. Oil prices were higher with WTI up 0.5% to $69.47. Copper prices fell 0.7% and iron ore is around $109/t.
  • There are no data or events in Australia today. The highlights of the week will be Wednesday’s May CPI and Thursday’s May retail sales.
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