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A$ Outperforms Despite Weaker Equities, Retail Sales Coming Up

AUD

Aussie was one of the better performers in the G10 on Friday despite weak equity markets. AUDUSD reached a high of 0.6368 but then trended lower over the rest of the NY session. It has started the week around 0.6338, close to Friday’s finish. The USD index was flat.

  • Last week AUDUSD fell below the bear trigger at 0.6286 but traded above it over Friday. A clear break of this level would confirm a resumption of the downtrend. Key trend resistance remains at 0.6522.
  • AUDNZD closed above 1.09 on Friday and is currently around 1.0906. AUDJPY fell 0.3% to 94.81. AUDEUR rose 0.2% to 0.5997 and AUDGBP +0.3% to 0.5226.
  • Equity markets sold off with the S&P down 0.5% and the Euro stoxx -0.9%. Oil prices rose over 2% and Brent closed above $90. LME metal prices rose 1.3% on Friday to be 1.4% on the week and iron ore is around $119/t.
  • Today Australian retail sales for September print and Bloomberg consensus expects a 0.3% m/m rise. Q3 volumes are released on Friday.
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