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A$ Stabilises As Risk Appetite Remains Hesistant

AUD

AUDUSD is off of its intraday low of 0.6568 and is currently up 0.1% to be around 0.6590. The G10 tended to be higher against the greenback with the Aussie a mid-range performer. The USD index finished flat.

  • The resumption of Aussie weakness has reinforced the bearish theme. AUDUSD broke through 0.6629, the December 20 low, which signals that it could move towards 0.6547. Initial resistance is at 0.6695, the March 1 low.
  • Aussie finished up 0.2% versus the yen at 90.51. AUDNZD is flat at 1.0783. AUDEUR is up 0.1% to 0.6250 while AUDGBP is flat around 0.5564.
  • Equity markets were mixed on Wednesday with the S&P up 0.1% and the Eurostoxx up 0.2% but some of the European bourses down (CAC -0.2%). Oil prices fell again with Brent 1% lower at $82.48/bbl, as the hawkish Fed continued to weigh on the market. Copper was up 1.4% but iron ore down to just under $126/t.
  • Today there is nothing scheduled in Australia. The most important regional release is China February CPI which is expected to ease to 1.9% y/y.
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