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A$ Outperforms As Bull Cycle Continues, Watch Confidence Data

AUD

The Aussie outperformed the G10 on Monday as risk appetite continued to improve. AUDUSD reached a high of 0.6773 during the European session but is now around 0.6752. The USD index finished flat.

  • The AUDUSD bull cycle remains in place as it continues to trade higher. Resistance is at 0.6773, the June 12 high and there is scope for an extension towards 0.6818, the May 10 high and key resistance. A strong reversal is needed to refocus attention on 0.6458, May 31 low.
  • AUDNZD is holding above 1.10 and is currently 1.1023 after a high of 1.041. AUDJPY is +0.3% to 94.21. Aussie is up 0.7% versus the pound at 0.5397 but +0.1% against the euro at 0.6275.
  • Equity markets were stronger with the S&P up 0.9% and the Eurostoxx +0.6%. The VIX was over 1pp higher at 15%. Oil prices fell again despite the better risk tone with WTI -7.1% to $67.38/bbl. Copper is 1% lower and iron ore is $109-110/t.
  • Today there is CBA household spending intentions for May, Westpac consumer confidence for June and NAB May business confidence/conditions.
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