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A$ Outperforms As Equities Rally, RBA Decision & Forecasts Later

AUD

Aussie and NOK were the best performers in the G10 on Monday. AUDUSD rose 0.2% to 0.6624 supported by stronger equities and probably also today’s RBA meeting. While it is widely expected to keep rates unchanged, it is likely to acknowledge that disinflation has slowed. The USD index was flat.

  • AUDUSD rose to a high of 0.6638 yesterday but is still below initial resistance at 0.6647, May 3 high. The bullish trend that started April 19 has resumed. The bear trigger is at 0.6363.
  • AUDJPY rose 0.8% to 101.95, close to the intraday high of 102.05. AUDNZD is 0.25% higher at 1.1024. AUDEUR is 0.2% higher at 0.6150 and AUDGBP +0.1% at 0.5273.
  • Equities rallied with the S&P up 1% and the Euro stoxx +0.7%. Oil prices are higher with WTI up 0.9% to $78.84/bbl. Copper rose 1.1% and iron ore is $119-120/t.
  • Today the RBA decision is announced and updated staff forecasts are released with the Statement on Monetary Policy (see MNI RBA preview here). Q1 real retail sales are also released.
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