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A$ Outperforms As Equities Rally, Trade & House Finance Data Coming Up

AUD

Aussie outperformed on Wednesday helped by better risk appetite and weaker US data. AUDUSD rose 0.9% to 0.6564 after reaching 0.6581, the highest in 2 weeks. The USD index is down 0.4% as US yields fell. Fed Chair Powell reiterated that it would be a mistake to ease too soon.

  • Yesterday’s gains are seen as corrective for now. A breach of the bear trigger at 0.6443 would confirm a resumption of the downtrend. Key resistance is at 0.6595, February 22 high.
  • Sizeable AUD options are set to roll-off at Thursday's NY cut between $0.6520-25, with A$1.1bln notional seen expiring, which could affect spot today.
  • AUDNZD broke above 1.07 and is now up 0.3% to 1.0710. AUDJPY is 0.5% higher at 98.09. AUDEUR rose 0.5% to 0.6023 and AUDGBP +0.7% to 0.5156.
  • Equities were stronger with the S&P and Euro stoxx both up 0.5%. Oil prices rose with Brent up 1.1% to $82.92/bbl. Copper is 0.6% higher and iron ore is $115-116/t.
  • Today January trade and housing finance data are released with the surplus expected to widen and lending to rise 2% m/m.
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