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A$ Outperforms, Rising Commodity Prices Continuing Support

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The A$ finished at the top of the G10 rankings for Wednesday's session, posting a 0.30% gain. We stayed within recent ranges though and currently sit at 0.6910. It was generally a muted session post the Asia close yesterday in the G10 space (outside of USD/CHF, EUR/CHF moves).

  • Yesterday's stronger data, particularly on the inflation front, helped the AUD post the local close, while cross-asset signals also remained supportive. Commodity indices rising further (+1% for the aggregate Bloomberg index, +1.21% for base metals). Iron ore is now above $121/ton for the active SGX contract, which is highs back to June last year.
  • Equities were also firmer across the board, with AUD/JPY not too far off recent highs, last around 91.50. Note the 50-day EMA comes in at 91.60, while the 200-day is not much higher at 91.75.
  • On the data front today, Nov trade figures are due. The market looks for a slight downtick in the trade surplus to A$11.3bn from A$12.2bn prior.
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The A$ finished at the top of the G10 rankings for Wednesday's session, posting a 0.30% gain. We stayed within recent ranges though and currently sit at 0.6910. It was generally a muted session post the Asia close yesterday in the G10 space (outside of USD/CHF, EUR/CHF moves).

  • Yesterday's stronger data, particularly on the inflation front, helped the AUD post the local close, while cross-asset signals also remained supportive. Commodity indices rising further (+1% for the aggregate Bloomberg index, +1.21% for base metals). Iron ore is now above $121/ton for the active SGX contract, which is highs back to June last year.
  • Equities were also firmer across the board, with AUD/JPY not too far off recent highs, last around 91.50. Note the 50-day EMA comes in at 91.60, while the 200-day is not much higher at 91.75.
  • On the data front today, Nov trade figures are due. The market looks for a slight downtick in the trade surplus to A$11.3bn from A$12.2bn prior.