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A$ Outperforms On Equity Rally, Weak US ISM

AUD

Aussie was one of the outperformers, following NOK and SEK, as the continued rally in equities provided support. AUDUSD is up 0.4% to 0.6523. It fell to a low of 0.6490 but then rose sharply following the lower-than-expected US ISM data to make a high of 0.6534. The USD index fell 0.1% due to lower yields.

  • AUDUSD ended the week down 0.6% as the downtrend that started December 28 remains intact. A clear break of 0.6567, 50-day EMA, is needed to signal scope for a stronger recovery. The bear trigger is at 0.6443.
  • AUDNZD approached 1.07 during NY trading but reached only 1.0699. The pair is up 0.1% to 1.0682 and is 0.9% higher on the week after the RBNZ sounded more neutral following its Wednesday meeting.
  • AUDJPY is up 0.4% to 97.80 off Friday’s high of 98.09. AUDEUR is 0.1% higher at 0.6018 and AUDGBP +0.2% to 0.5155.
  • Equities rallied with the S&P up 0.8% and the Euro stoxx +0.4%. VIX was lower at 13.1%. Oil prices rose strongly with Brent up 1.9% to $83.46/bbl. LME metal prices were unchanged on Friday to be 0.1% higher on the week. Iron ore is lower at around $115.70/t.
  • Today the Melbourne Institute inflation gauge for February, Q4 inventories/company profits, February ANZ job ads and January building approvals are released.
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