A$ Range Trades But Underperforms G10

The Aussie has been trading in a narrow range and is currently around 0.6650 after reaching a high of 0.6680 on Tuesday. But it underperformed most of the G10, as risk appetite eased. The USD index fell 0.4%.

• AUDUSD has failed to stay above its 50-day EMA. The average intersects at 0.6741 and marks key short-term resistance. A clear break above it would strengthen the bullish condition and open 0.6824, the February 24 high. Key support is at 0.6625, the March 24 low.
• Aussie is 0.6% higher versus the kiwi at 1.0744 and 0.2% against the yen at 88.90. AUDEUR is down 0.4% to 0.6093 and AUDGBP -0.2% to 0.5351.
• Equity markets finished generally stronger with the Eurostoxx up 0.6%, the Dow Jones +0.3% but the S&P unchanged. The VIX rose sharply towards the end of the NY session and ended at 19.1%. WTI oil prices rose 2.1% to finish close to the intraday high at $81.43/bbl. Copper is up 1.3% and iron ore is just under $119/t.
• RBA Deputy Governor Bullock participates in a WEAI Monetary Panel at 1445 AEST. The February household spending indicator from the ABS is released.