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A$ Outperforms The G10 As Risk Sentiment Improves

AUD

AUD outperformed the G10 against the USD on Wednesday. It reached a high of 0.6728 during the NY session and is now trading around 0.6708. The USD was mixed but the DXY finished up 0.2%.

  • JPY gave up a bit of Tuesday’s gains against the AUD during the European session and is up 0.9% to 88.76. AUDNZD rose 1.2% and is now around 1.065. Aussie was up 0.5% against the euro and 1.3% versus GBP after disappointing UK government finance figures.
  • AUDUSD is back above the 100-day simple MA and approaching the 20-day. Key short-term support is at 0.6585 and the bull trigger is 0.6893, the December 13 high, a break of this level would see the uptrend resume.
  • Equities were stronger on Wednesday with the S&P 500 rising 1.3% and the Eurostoxx 1.8%. Oil prices trended higher during the session with WTI up 3% to $78.50/bbl. Copper was also stronger rising 0.5% and iron ore is around $111.70 after reaching a high of $113.45.
  • There is no Australian data today. The RBA’s private sector credit series for November and the government’s mid-year economic and fiscal outlook are released on Friday.
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