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A$ Outperforms, Above 65c Again

AUD

Aussie was one of the best performers in the G10 on Tuesday despite weak equities, as the commodity space was generally stronger. After rallying on Monday in response to the stronger-than-expected ISM, the USD softened yesterday with the index down 0.1%. AUDUSD broke above 65c again and is up 0.4% to 0.6518.

  • Despite AUDUSD being off its lows, the pair maintains a softer tone. The March 21 reversal reinstated a bearish threat and opened 0.6478. The bear trigger is at 0.6443. Initial resistance is at 0.6558.
  • AUDJPY is up 0.4% to 98.78, close to the intraday high, as yen underperformed on Tuesday. AUDNZD is off its high of 1.0928 to be up 0.1% at 1.0914. AUDEUR rose 0.2% to 0.6050 and AUDGBP +0.2% to 0.5183.
  • Equities sold off with the S&P down 0.7% and the Euro stoxx -0.8%. Oil prices rose another 2% with Brent up to $89.25/bbl. Copper is 0.8% higher and iron ore is around $103/t.
  • There are no data or events in Australia today.
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