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A$ Outperforms On Positive Risk Sentiment

AUD

Aussie outperformed the G10 on Friday on the generally better risk tone and the AUDUSD reached a high of 0.6638. It is currently trading around 0.6601 being supported ahead of Tuesday’s RBA meeting, which is a close call following the minimum wage announcement. The USD index rose 0.5% following stronger than expected US jobs growth.

  • The 20-day EMA has been breached opening up resistance at the 50-day EMA of 0.6656. A clear break of this would signal scope for a stronger recovery but the trend outlook remains bearish with initial support and bear trigger at 0.6458.
  • AUDNZD is up 0.7% to around 1.09. It reached a high of 1.091 today. AUDJPY is +1.3% to 92.45. Aussie 1% higher versus the euro at 0.6166 and 1.1% against the pound to 0.5306.
  • Equity markets were higher driven by improved risk appetite with the S&P up 1.5% and the Euro stoxx up 1.6%. VIX trended down to 14.6%. WTI is up 2.8% to $73.72/bbl at the start of APAC trading with Brent +2.7% to $78.15 following Saudi’s additional output cut. They rose 2.5% and 2.9% on Friday. The LME metal index rose 0.9%. Iron ore is stronger at $107.50.
  • Today the May Melbourne Institute inflation gauge and ANZ-Indeed job ads print as well as Q1 inventories and corporate profits. The focus of the week will be Tuesday’s RBA meeting.
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