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A$ Range Trading Ahead Of Fed Jefferson's Inflation Speech

AUD

AUDUSD has been range trading today between the low of 0.6725 and the high of 0.6746. It is 0.15% above Friday’s NY close at around 0.6735, remaining above the 100-day moving average. The USD index is down slightly.

  • Aussie has been range trading against the major currencies on Monday. AUDNZD is around 1.0917 after a high of 1.0934 and a low of 1.0908. AUDJPY is trading about 91.72. AUDEUR is 0.6382 and AUDGBP 0.5634.
  • Australian company profits printed higher than expected at +10.6% q/q, while spending on wages and salaries posted another strong 2.6% q/q rise. Inventories were down 0.2% q/q, slightly weaker than expected.
  • After Friday’s sharp fall in northern hemisphere equity markets, Asia is following. ASX is down 1.1%, the Hang Seng -0.9% and the Nikkei -0.2%.The S&P e-minis are up 0.1% today. Risk-off sentiment is weighing on oil markets with Brent down 0.2% to just under $83/bbl. Copper is up 0.6% and iron ore is higher at around $125.75/t.
  • Later the Fed’s Jefferson discusses inflation and US January durable goods orders data is published. There is also the EC’s February survey. Tomorrow in Australia, Q4 balance of payments data and January retail sales print.
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