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A$ Outperforms, AUDUSD Starts Today Higher

AUD

Risk-sensitive AUD and NOK continued to outperform the rest of the G10 after last week’s sell off, despite weaker commodities and a muted S&P. The USD index rose 0.3% but AUDUSD was little changed at 0.6549 after a low of 0.6524. It has started today higher at 0.6554.

  • Last week’s sell off signals scope for a continuation. Initial support is at 0.6515, July 25 low, but the pair is looking oversold. Initial resistance is at 0.6583.
  • AUDEUR is up 0.4% to 0.6056 as the sell off in European equities weighed on the euro. AUDJPY rose 0.3% to 100.97 and AUDNZD is 0.2% higher at 1.1147, close to the high of 1.1151. AUDGBP is 0.1% higher at 0.5095.
  • Equities were lacklustre with the S&P up only 0.1% and Euro stoxx falling 1%. Oil prices fell further with WTI down 1.6% to $75.87/bbl. Copper is 0.7% lower and iron ore is down to around $101/t.
  • Today June building approvals print and are expected to fall 2.3% m/m.
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