A$ Outperforms But Gives Up Post-CPI Gains, Australia Closed Today

After rising sharply following Wednesday’s higher-than-expected Australian Q1 CPI, AUDUSD trended lower as equity markets weakened but it still outperformed the G10. It fell to 0.6484 before recovering somewhat and is now around 0.6496. The USD was 0.1% stronger driven by higher yields.

• With AUDUSD rising this week, the pair is now at an important short-term pivot resistance. Initial resistance is at 0.6527, 50-day EMA, and a clear break would highlight a stronger reversal. A bearish trend remains intact though and the bear trigger is at 0.6363.
• AUDJPY is up 0.4% to 100.83. AUDNZD is 0.1% higher at 1.0946 after rising to 1.0984 following the CPI data. AUDEUR is up 0.2% to 0.6072 and AUDGBP +0.1% to 0.5214.
• Equities were mixed with the S&P flat but the Euro stoxx down 0.4%. The S&P e-mini is down 0.7%. Oil prices also fell with Brent down 0.5% to $88.02/bbl. Copper rose 0.5% and iron ore is around $118.50/t.
• Australia and NZ are closed today for the Anzac Day holiday.