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A$ Stronger As Equities Rally And USD Softens

AUD

AUDUSD is up 0.6% to 0.6692, close to the intraday high, and has broken through the 20-day moving average, as US yields and the dollar are lower (BBDXY -0.3%) and equities rally. Resistance remains intact at 0.6764.

  • Aussie has also made solid gains against European currencies, except NOK. AUDEUR is up 0.5% to around 0.6187 and AUDGBP +0.4% to 0.5432. AUDNZD is stable at 1.0733 while AUDJPY is down 0.1% to around 87.44.
  • Equity markets are generally stronger across the APAC region with the ASX up 1.1%, the Hang Seng +0.8% but the CSI 300 down 0.1%. S&P e-minis are up 0.2%. After rallying on Monday, WTI is down slightly to around $72.73/bbl but Brent is down 0.5% to $77.75. Copper is up 0.7% while iron ore is trading between $122-123/t.
  • Later today RBA’s Connolly, Head of Payments Policy, speaks on “The shift to electronic payments – some policy issues” at the AFR Banking Summit at 1615 AEDT. The Fed’s Barr appears before the Senate banking panel and there is also US trade and house price data released. On Wednesday, Australia’s monthly CPI for February prints.
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