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A$ Strengthens On Recovering Risk Appetite

AUD

Aussie is generally higher during APAC trading today. AUDUSD is around 0.6688, close to the intraday high after a low of 0.6660 earlier, as equities rally. It is around the 20-day moving average. The USD index is unchanged.

  • AUDNZD is up 0.3% to around 1.0796, also close to the intraday high. Aussie is 0.4% higher versus the yen to 88.74. AUDEUR is up 0.2% to 0.6208 and AUDGBP +0.3% at 0.5472.
  • The Westpac leading index for February fell 0.06% m/m after -0.12% bringing the 6-month annualised rate to -0.9% up slightly from -1.0%, the seventh consecutive negative result. It is signalling below trend growth over 2023.
  • Equity markets are higher across the region with the ASX up 0.9% and the Nikkei +1.7%. S&P e-minis have been trading sideways. WTI oil prices are down 0.7% to $69.17/bbl. Copper is down 0.1% and iron ore is trading around $123/t.
  • The focus is on the Fed announcement later today. Economists expect a 25bp hike and the OIS market has about an 80% chance of 25bp priced in. ECB President Lagarde speaks and UK CPI data for February prints.
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