A$ Steady, Retail Sales Coming Up

Aussie was little changed on Wednesday despite the equity rally with AUDUSD spending most of trading in a range between 0.6515 and 0.6535, where it is now. It recovered from its post Aussie CPI dip to 0.6511 as there was no overseas data of significance and little Fed speak. The USD index is flat.

• AUDUSD maintains a softer tone and the reversal from the March 21 high exposes 0.6478, March 5 low. A break of this level would open the bear trigger at 0.6443. Moving average studies remain in a bear-mode position. Initial resistance is at 0.6565.
• AUDJPY fell to 98.49 during the European session but recovered somewhat to be down 0.2% at 98.78. Aussie is little changed against the other major crosses with AUDNZD flat at 1.0879 after a high of 1.0887, AUDEUR slightly higher at 0.6035 and AUDGBP slightly lower at 0.5171.
• Equities were generally stronger with the S&P up 0.9% and Euro stoxx 0.4% but the FTSE flat. Oil prices are marginally higher with Brent up 0.1% to $86.31/bbl. Copper is up 0.1% but iron ore is down further to around $102/t after a low close to $100.
• Today February retail sales, vacancies and private credit, and March MI inflation expectations print for February.