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A$ Strengthens, Finds Support at 64c

AUD

Aussie was stronger against the greenback but little changed against the kiwi and euro. AUDUSD rose 0.3% to 0.6429, close to the high of 0.6433, and traded through most of Tuesday above 64c. It reached an intraday low of 0.6390 with breaks below 64c only brief. The USD index fell 0.3% on lower yields.

  • AUDUSD outlook remains bearish. Initial support is at 0.6287 and resistance 0.6433.
  • AUDJPY is 0.5% higher at 95.61 as the yen underperformed the G10. AUDNZD reached a high during the European session of 1.0669 but is now down 0.1% to 1.0637. AUDEUR is steady at 0.6063 and AUDGBP 0.1% lower at 0.5234.
  • Equity markets were stronger especially in Europe with the Euro stoxx up 2.3% but the S&P also rallied by a more muted 0.5%. Oil prices fell 0.5% with Brent closing at $87.69/bbl. Copper is down 0.4% and iron ore $111-112/t.
  • Today RBA Assistant Governor (Financial Markets) Kent speaks on the “Channels of Transmission” at 1200 AEDT. Later the CBA’s household spending insights for September is released.
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