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A$ Lower As Risk Appetite Deteriorates, Trade Data Coming Up

AUD

Aussie underperformed the G10 on Wednesday and is currently trading around 0.6650. It spiked to 0.6703 following the Fed’s +25bp announcement but has eased since then. The USD index had been trending down all day and that continued following the Fed decision as it may now be at its terminal rate. USD DXY finished down 0.7%.

  • Initial support for AUDUSD lies at 0.6621, the May 3 low, and the bear trigger is 0.6565, the March 10 low. Initial resistance is 0.6709, the 50-day EMA.
  • The pull back in risk is driving most Aussie crosses down in early APAC trading. AUDJPY fell sharply by 1.7% to 89.42. AUDNZD is down 0.3% to 1.0703 but has been trending up since the London morning. AUDEUR is 0.9% lower at 0.6005 and AUDGBP -1% to 0.5290.
  • Equity markets were mixed on Wednesday with the Eurostoxx up 0.4% but the S&P down 0.7%. The VIX rose to 18.3%. Oil prices have also taken a hit with the deterioration in risk appetite. WTI slumped another 4.8% on Wednesday and is down a further 2.1% during the early APAC session to $66.70/bbl. Copper prices are down 0.7% and iron ore is lower at just over $103/t.
  • Today the trade data for March print with the surplus expected to narrow slightly to $13bn. The ECB meet later today.
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