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A$ Outperforms, AUDNZD In Focus Ahead Of RBNZ Meeting

AUD

Aussie outperformed most of the G10 along with the Scandinavian currencies. AUDUSD rose 0.1% to 0.6741 and is currently trading around this level. There was some volatility around Fed Chair Powell’s comments. He said more good inflation data is needed to cut but the easing labour market means that further hikes are unlikely. The USD index rose 0.1%.

  • AUDUSD bullish conditions remain intact with the bull leg resuming. Initial resistance is at 0.6761, July 8 high, and support at 0.6675, 20-day EMA.
  • AUDNZD is up 0.1% to 1.1005 after a high of 1.1019 and stayed above 1.10 through most of the session. The pair fell to a low of 1.0993 but the move below 1.10 was short lived. The cross is in focus with the RBNZ decision today but rates are widely expected to be unchanged with little variation to the tone (see MNI RBNZ Preview).
  • AUDJPY is 0.3% higher at 108.73, close to the intraday high. AUDEUR rose 0.2% to 0.6234 and AUDGBP +0.2% to 0.5272 after a low of 0.5255.
  • Equities were mixed with the S&P up 0.1% but Euro stoxx down 1.3%. Oil prices fell again with Brent down 0.8% to $85.04/bbl. Copper fell 0.7% and iron ore is $108-109/t.
  • There are no Australian data today, but RBA Head of Economic Research Simon participates in a panel at the Australian Conference of Economists at 1530 AEST.
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