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A$ Steady While Waiting For Biden-McCarthy Outcome

AUD

The AUDUSD finished flat as the USD index traded sideways as markets await the outcome of the Biden-McCarthy debt-ceiling meeting. It hit a low of 0.6628 early in the European session and is now trading around 0.6652.

  • AUDUSD has been softer since its May 10 high and a bearish continuation would expose key support at 0.6565, the March 10 low. A break of this would confirm the resumption of the bear cycle.
  • The yen was impacted by hawkish Fedspeak and AUDJPY is 0.5% higher to 92.16. AUDNZD is down 0.1% to 1.058. Aussie is flat versus the euro to 0.6151 and up 0.1% against the pound to 0.5348.
  • Equity markets were mixed with the FTSE up 0.2%, the S&P flat but the Eurostoxx down 0.2%. Oil prices were around 0.6% higher on Monday despite debt-ceiling jitters. WTI rose to $72.53/bbl and is now trading around $72.14. Copper is down 1.5% and iron ore is also lower at around $102/t.
  • The preliminary Judo Bank Australia PMIs for May print today. They are also released in Europe and the US later.
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