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A$ Range Trading But Slightly Higher, Watch Friday’s RBA Forecasts

AUD

AUDUSD has been range trading during the APAC session and is currently +0.2% to 0.6938, around the intraday high. It has been moving between 0.6920/0.6940. The USD is slightly higher.

  • Aussie has been fairly stable against the major crosses with the biggest move versus the yen. AUDJPY is up 0.3% to 91.30. AUDNZD is down 0.1% to 1.0975, AUDEUR is up 0.1% at 0.6470 and AUDGBP +0.2% to 0.5747.
  • Equity markets are generally lower during the APAC session after the fall in the US on Wednesday. The ASX is down 0.3% and the Nikkei -0.4%, whereas the CSI 300 is up 0.2% and S&P e-minis +0.2%. Oil prices are also trading sideways with WTI currently around $78.60/bbl. Copper is 0.5% higher while iron ore is over $122/bbl.
  • The focus is now on Friday’s RBA Statement on Monetary Policy, which will give the details of its forecast update. Attention is likely to be on the trimmed mean and wages projections given they were not mentioned in Tuesday’s meeting statement (see MNI RBA Review - February 2023).
  • Later today there is little in the US with no Fed officials scheduled to speak and only jobless claims on the data calendar. The Riksbank is expected to hike 50bp and German preliminary January CPI is out.
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