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A$ Stronger On Improved Risk Appetite, CPI Coming Up

AUD

Aussie was one of the better performers in the G10 on Tuesday with AUDUSD rising 0.8% to 0.6482, down slightly from the intraday high of 0.6487. It fell to a low of 0.6401 before bouncing back on weaker US confidence and JOLTS data. The USD index finished 0.6% lower.

  • The gain in AUDUSD on Tuesday is seen as corrective as conditions remain bearish for the pair. Firm resistance is at 0.6492, the 20-day EMA, followed by 0.6583, 50-day EMA. Initial support is at 0.6365, the bear trigger.
  • AUDJPY is 0.4% higher at 94.55 but AUDNZD is 0.2% lower at 1.0852. AUDEUR is up 0.2% to 0.5957 and AUDGBP +0.5% to 0.5125.
  • Equity markets were stronger with the S&P up 1.5%, FTSE +1.7% and the Euro stoxx +0.8%. The VIX is lower at 14.5%. Oil prices rose with WTI up 1.5% to $81.32/bbl. Cooper rose 1% and iron ore is just under $113/t.
  • Today July CPI prints and is expected to ease to 5.2% from 5.4%. Q2 construction is expected to rise 0.9% q/q but July building approvals to fall 0.5% m/m.
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