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A$ Outperforms On Stronger Risk Sentiment Following US CPI

AUD

Aussie has benefited from stronger risk appetite following lower-than-expected US CPI for May and is one of the best G10 performers. AUDUSD rose from 0.6612 to 0.6681 following the data and then broke above 67c to a high of 0.6704. It then eased following the FOMC announcement and upward revision to the 1-year rate forecast. The pair is currently up 0.9% to 0.6662. The USD index fell 0.2%.

  • AUDUSD has been swinging within a range. Key resistance is at 0.6714 and key support at 0.6576 with both representing key short-term directional triggers.
  • AUDJPY is up 0.5% to 104.35 after a high of 104.55. AUDNZD is 0.2% higher at 1.0772 following a peak of 1.0787. AUDEUR rose 0.2% to 0.6162 and AUDGBP +0.4% to 0.5207.
  • Equities rallied with the S&P up 0.9% and Euro stoxx +1.4%. Oil prices rose further with Brent +0.8% to $82.60/bbl. Copper is 0.6% higher and iron ore is around $106/t.
  • Today Australian May jobs data print and a 30k rise is expected by Bloomberg consensus with the unemployment rate down 0.1pp to 4%. The CBA household spending indicator for May is also released.
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