A$ Range Bound, Mixed On Crosses
The AUDUSD has been range trading today and is now around 0.6500, slightly down on NY closing levels. The range for the session has been 0.6485/0.6518. The weaker-than-expected Chinese inflation data didn’t cause many problems for the AUD, with stimulus hopes still alive, although this hasn’t kept China equities in positive territory (see below).
- AUD has made some slight gains against NZD rising to 1.0930 after the 1.09 overnight low. AUDJPY has zig-zagged around 94.60.
- Australian equities are performing strongly today with the S&P/ASX 200 up 0.7%. US equity e-minis are also up slightly but the Nikkei, CSI 300 and Hang Seng are lower, whereas most of Asia is higher.
- Australia’s main commodities also looked through the Chinese data with iron ore still priced around $89, copper range trading but gold about 2% higher. Oil prices are slightly lower but are also range bound at $88.50-$89.50 as tight supply balances demand fears.
- Later RBA Deputy Governor Bullock speaks (20:05 AEDT) on “The Economic Outlook”. The event can be viewed here.