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A$ Outperforms, Strong Gains Against USD And Europe

AUD

Aussie outperformed the G10 boosted by stronger equities and helped by its 1% rally versus the euro. AUDUSD approached 64c with an intraday high of 0.6399 but is still up 0.9% to 0.6394. The Fed was on hold as expected, citing lags and tighter financial conditions but it didn’t rule out further hikes if need be. The USD index was 0.2% lower.

  • Short-term gains in AUDUSD are still seen as corrective and the trend remains bearish. Initial resistance is at 0.6404, the 50-day EMA, and support at 0.6272, 3 November 2022 low.
  • AUDEUR rose 1% to 0.6050 after a peak of 0.6059, highest since October 11. AUDGBP is 0.9% higher at 0.5262, close to the intraday high. AUDJPY is 0.4% higher at 96.50. AUDNZD is up 0.5% to 1.0935.
  • Equity markets rallied with the S&P 1.1% higher and the Euro stoxx +0.8%. Oil prices fell slightly with Brent now below $85 at $84.90/bbl. Copper rose 0.3% and iron ore is higher at $123-124/t.
  • Today September trade and housing finance data are released.
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