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A$ Outperforms On Improved Risk Sentiment

AUD

AUDUSD recovered somewhat on Friday and is heading back towards 70c. It is currently trading around 0.6965. The NZD and AUD outperformed the rest of the G10 on better risk sentiment. The USD fell after Fed comments pointing to further rate hikes.

  • Aussie rose against the yen and is now trading at 90.21, just off of Friday’s high. AUDNZD spiked earlier today to 1.0812 but is now around 1.0775. Both currencies face Q4 CPI data on Wednesday. AUDEUR is about 0.6410 but off of Friday’s high of 0.6426.
  • AUDUSD remains in an uptrend and any short-term weakness is likely corrective. Initial support is at 0.6867, the 20-day EMA. A break through 0.7063, January 18 high, is needed to for the bull trend to resume.
  • Equity markets were stronger on Friday with the S&P up strongly (+1.9%) and the Eurostoxx +0.6%. VIX was lower at 19.85%. Oil prices also rose on the improvement in risk appetite and WTI is currently trading around $81.69/bbl. Metal prices were mixed but copper rose 1.1% and iron ore is $126.10, close to Friday’s high.
  • There is no data for Australia in today’s calendar and little elsewhere. The focus of the week is likely to be Wednesday’s December and Q4 CPI reports.
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