A$ Outperforms, RBA's Lowe Speaks Today

Aussie trended higher on Tuesday and was the best performer versus the USD in the G10. It spiked above 70c following the higher-than-expected US annual inflation data but then slumped to 0.6922. It is currently up 0.3% to 0.6988. The USD DXY was down slightly on the day.

• AUDUSD is approaching 70c again. Initial resistance is at 0.7082 and the bull trigger 0.7158, the February 2 high. Support is 0.6856, the February 6 low.
• Aussie rose 0.6% against kiwi, after NZ inflation expectations fell. It is currently around 1.1026. AUDJPY is up 0.8% to 92.96, as higher US yields weigh on the yen. AUDEUR is up 0.2% to 0.6508 and AUDGBP is flat at 0.5740.
• Equity markets were mixed with the S&P little changed but the Nasdaq up 0.7%, the Eurostoxx down 0.1% but the FTSE up 0.1%. WTI oil prices rose to $80.50/bbl after OPEC revised up its 2023 oil demand forecasts due to higher demand from China. It gave up those gains to finish down 0.7% at $79.16. Copper prices are up 0.8% and iron ore is higher at over $123/t.
• Today CBA household spending intentions for January print and RBA Governor Lowe appears before the Senate Economics Committee at 11.15 AEDT. It can be listened to here.