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A$ Outperforms Ahead Of Upcoming RBA Decision

AUD

Aussie outperformed on Monday along with other commodity currencies supported by stronger US equities. But AUDUSD ended flat at 0.6560 after reaching a high of 0.6574 before falling to 0.6551 as the US dollar strengthened on higher treasury yields (USD index rose 0.2%). The pair has started Tuesday around that level.

  • The latest pullback in AUDUSD appears to be corrective but the pair traded below the 50-day EMA of 0.6571 through most of yesterday. Initial support is at 0.6552, March 15 low, but the bear trigger is at 0.6443. To resume the bull cycle a clear break above 0.6668 is required.
  • AUDJPY rose 0.1% to 97.84 after a high of 98.05 earlier. AUDNZD was flat at 1.078. Aussie gained 0.1% against the euro to 0.6033 and AUDGBP was slightly higher at 0.5153.
  • Equities were mixed with the S&P up 0.6% but the Euro stoxx and FTSE down 0.1%. Oil rose strongly with Brent up 1.8% to $86.87/bbl. Copper rose 0.2% and iron ore is around $103/t.
  • Today the RBA decision is announced at 1430 AEDT with Governor Bullock holding a press conference at 1530 AEDT. It is unanimously expected to leave rates at 4.35% (see MNI RBA Preview).
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