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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.
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