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A$ Stronger As Risk Appetite Improves, Surveys Coming Up

AUD

After underperforming last week, Aussie was one of the better G10 performers on Monday, as equities and commodities were generally stronger. AUDUSD approached 64c reaching a high of 0.6391 and is now up 0.3% to 0.6378. The USD index fell 0.1% ahead of today’s US CPI data.

  • Despite last week’s correction, a short-term bull cycle remains in place. The bull trigger is at 0.6523 but the bear trigger is at 0.6315 and a clear break of this would open key support at 0.6270.
  • AUDNZD broke through 1.08 during late Asian trading yesterday and rose 0.5% to 1.0848. Kiwi was the worst performer in the G10. AUDJPY is up 0.4% to 96.75. AUDEUR is 0.2% higher at 0.5962 but AUDGBP down 0.1% to 0.5195.
  • Equity markets generally rallied with the Euro stoxx up 0.8%, FTSE +0.9%, Dow Jones +0.2% but the S&P closed down 0.1%. Oil prices rose over 1.5% with Brent around $82.77/bbl. Copper is up 2.3% and iron ore $127-128/t.
  • Today Westpac consumer confidence for November is released followed by the NAB October business survey.
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