Free Trial

A$ Range Trading On Little News

AUD

Aussie has been range trading during the APAC session today looking through weak activity data and finding little direction from local or HK/China equities which are currently little changed. AUDUSD is down 0.1% to 0.6521 after a high of 0.6535. The USD index is flat.

  • AUDNZD has tested 1.07 but found resistance there. It is currently up 0.1% to 1.0698. AUDJPY is flat at 97.93. AUDEUR is slightly lower at 0.6016 and AUDGBP is down 0.1% to 0.5152.
  • Inventories fell 1.7% q/q in Q4, which is likely to mean that they were a drag on Australian GDP, which is released on March 6. Bloomberg consensus expected no change and so the downside surprise means that risks to the 0.3% q/q forecasted rise are currently skewed to the downside. More data are released tomorrow.
  • Equities are mixed with the ASX down 0.1% and Hang Seng -0.2% but CSI 300 is up 0.1%. The S&P e-mini is down 0.1%. Oil prices are moderately higher with WTI up 0.2% to $80.10/bbl. Copper is down 0.2% and iron ore is around $114-115/t.
  • Later the Fed’s Harker speaks but there is no data of note. Tomorrow Australia’s Q4 current account prints.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.