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A$ Range Trading Ahead Of BoJ And Key US Data

AUD

AUDUSD has been range trading during the APAC session and is currently around 0.6986. It reached a high of 0.6993 earlier, as 0.7000 provides resistance. The USD is slightly higher.

  • Aussie is lower again against the kiwi by around 0.3% to 1.0843. But it is stronger against the yen rising 0.4% to 89.90 ahead of today’s BoJ announcement. We expect the Bank to keep policy unchanged. AUD is trading sideways versus EUR around 0.6475 but is up slightly against GBP to 0.5691.
  • Equity markets are mixed across the region with the ASX flat, the Nikkei up 0.6% but the Hang Seng down 0.6%. S&P e-minis are down 0.2%. WTI oil prices are trading in a narrow range but are still up 0.7% on the NY close to about $80.74/bbl. Iron ore prices are steady at just around $121/t and copper prices are down 0.1%.
  • The announcement from the BoJ will made later today. Wednesday’s focus is likely to be US December retail sales and PPI. But there are also December CPI readings for the euro area and the UK.
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