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A$ Remains Sub 0.6600, But Commodity FX Outperforms EUR

AUD

AUD/USD sits marginally higher for Thursday's session, the pair around 0.6585 in early Friday dealing. This puts a little over 0.10% higher for Thursday's session, with the A$ and the NOK and CAD, (so other commodity FX), the only G10 currencies to rise against the USD.

  • AUD/USD remains within recent ranges, post Asia close highs on Thursday at 0.6610 not sustained. Broader USD index gains, led by EUR weakness post the ECB, was a likely headwind.
  • AUD/EUR rose close to 0.50% for Thursday's session, with pair sitting at 0.6070/75 currently (against a high of 0.6086 from Thursday). Core yields were softer post the ECB amid speculation of central bank discussing rate cuts in March (RTRS).
  • Higher equities in both US and EU markets also likely helped the AUD, while the Bloomberg aggregate commodity index nudged up by 0.24%. The metals index was down a touch. Iron ore is back close to $134/ton, off recent highs above $136/ton.
  • Australian markets are closed today for the Australia day public holiday.
  • Next week retail sales prints on Tues, followed by Q4 CPI on Wednesday.
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