May 19, 2024 22:42 GMT
A$ Outperforms But Couldn’t Hold Break Above 67c
AUD
Aussie was one of the top G10 performers on Friday as risk sensitive currencies generally outperformed after news of measures to support China’s housing market. AUDUSD rose 0.2% to 0.6694 after a high of 0.6701 but couldn’t hold a break above 67c. It is currently around 0.6694. The USD index was down slightly.
- The bullish theme in AUDUSD remains intact which was strengthened when it broke above key resistance at 0.6668. Initial resistance is at 0.6714, May 16 high, and support at 0.6587, 20-day EMA.
- Aussie is 0.4% higher against the yen at 104.22 after further yen weakness generally. AUDNZD is up slightly at 1.0913. AUDEUR rose 0.2% to 0.6156 and AUDGBP is little changed at 0.5270.
- Equities were mixed with the S&P up 0.1% but the Euro stoxx down 0.2%. Oil prices were higher with Brent up 0.9% to $84/bbl. LME metal prices rose 2.3% to be up 4.9% on the week. Iron ore is around $117.50/t.
- There are no data or events in Australia today with the focus of the week on Tuesday’s RBA minutes.
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