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A$ Posts Modest Gains, Suzuki States Ready To Intervene If Needed

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The BBDXY sits down a touch, last just under 1264.0 in the first part of Tuesday trade. Outside of some modest AUD gains, overall moves have been muted though.

  • Cross asset sentiment has been steady, with US equity futures close to flat after opening in the red. US yields sit close to unchanged as well, amid light news flow (the Fed is in the blackout period).
  • After rising 0.5% on Monday, AUDUSD is up 0.15% so far today to 0.6460, breaking above initial resistance at 0.6457, April 18 high, opening up 0.6498, 20-day EMA. The pickup in private sector activity seen in Q1 was sustained into Q2 according to the Judo Bank preliminary PMIs for April.
  • Equities are generally stronger in the region, although once again China markets are underperforming.
  • The Kiwi is the worst performing G10 currency today although only slightly lower while ranges remain tight. NZD/USD was last near 0.5915. AUD/NZD is up 0.10% and back above 1.0900 at 1.0912. The pair now eyes a test of the 1.0920 area that it failed to break above back on the 15 & 16th April. Note we have Q1 AU CPI tomorrow.
  • USD/JPY sits just under 154.75 in recent dealing. Earlier comments from FinMin Suzuki provided some support for the yen. He noted the environment was in place for intervention if needed. There was little follow through to yen gains though. Earlier we had a pick in Japan's manufacturing PMI for April (preliminary) but this didn't impact FX sentiment.
  • Looking ahead, US preliminary April Global S&P PMIs are due, new home sales and Philly & Richmond Fed indices as well as European PMIs print. BoE’s Pill and Haskel speak.
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The BBDXY sits down a touch, last just under 1264.0 in the first part of Tuesday trade. Outside of some modest AUD gains, overall moves have been muted though.

  • Cross asset sentiment has been steady, with US equity futures close to flat after opening in the red. US yields sit close to unchanged as well, amid light news flow (the Fed is in the blackout period).
  • After rising 0.5% on Monday, AUDUSD is up 0.15% so far today to 0.6460, breaking above initial resistance at 0.6457, April 18 high, opening up 0.6498, 20-day EMA. The pickup in private sector activity seen in Q1 was sustained into Q2 according to the Judo Bank preliminary PMIs for April.
  • Equities are generally stronger in the region, although once again China markets are underperforming.
  • The Kiwi is the worst performing G10 currency today although only slightly lower while ranges remain tight. NZD/USD was last near 0.5915. AUD/NZD is up 0.10% and back above 1.0900 at 1.0912. The pair now eyes a test of the 1.0920 area that it failed to break above back on the 15 & 16th April. Note we have Q1 AU CPI tomorrow.
  • USD/JPY sits just under 154.75 in recent dealing. Earlier comments from FinMin Suzuki provided some support for the yen. He noted the environment was in place for intervention if needed. There was little follow through to yen gains though. Earlier we had a pick in Japan's manufacturing PMI for April (preliminary) but this didn't impact FX sentiment.
  • Looking ahead, US preliminary April Global S&P PMIs are due, new home sales and Philly & Richmond Fed indices as well as European PMIs print. BoE’s Pill and Haskel speak.