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A$ Rallies As Risk Sentiment Improves, RBA Minutes Coming Up

AUD

Aussie was one of the stronger performers in the G10 with the group rising against the greenback. AUDUSD rose 0.7% to 0.6341, close to the intraday high, supported by more positive risk sentiment from US efforts to ensure the conflict in Israel doesn’t spread. The USD index fell 0.4%.

  • AUDUSD remains bearish and is close to recent lows. A clear break of 0.6286, October 3/13 low, would confirm the resumption of the downtrend. Initial resistance is at 0.6445. A clear break of 0.6522 would mark a reversal.
  • AUDJPY rose 0.7% to 94.82 as the yen suffered from the improvement in risk appetite. AUDNZD broke through 1.07 and is currently around there. NZ Q3 CPI is coming up. AUDEUR is 0.2% higher at 0.6005 and spent most of the European/NY session above 0.6000. AUDGBP is up slightly to 0.5192.
  • Equities rallied with the S&P up 1.1% and the Euro stoxx +0.3%. Oil prices fell around 0.8% with Brent holding above $90 at $90.13/bbl. Copper is up 0.3% and iron ore is just under $117/t.
  • Today the minutes from this month’s RBA meeting are published.
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