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A$ Supported By Improved Risk Appetite Following Payrolls

AUD

AUDUSD finished Friday up 0.3% to 0.6749 supported by stronger US equities in the wake of a mixed June payrolls report which included downward revisions and higher-than-expected unemployment rate. The pair ended the week up 1.2% and its third day above 67c. It has started today down slightly to 0.6744. The USD index fell 0.2%.

  • Key short-term resistance at 0.6714 was broken last week, representing a breakout of the recent range. The bull mode remains intact. AUDUSD reached a high of 0.6753 on Friday, briefly breaching resistance at 0.6751. Initial support is at 0.6660, 20-day EMA.
  • Aussie was one of the better performers in the G10 but underperformed kiwi and the pound. AUDNZD is down 0.1% to 1.0983 and AUDGBP -0.1% to 0.5266. AUDJPY is little changed at 108.44. AUDEUR is up 0.2% to 0.6230 following French election results showing a hung parliament.
  • Equities were mixed with the S&P up 0.5% but Euro stoxx down 0.2%. Oil prices were lower with Brent down 0.7% to $86.86/bbl. LME metal prices rose 0.7% to be up 2.3% on the week. Iron ore is around $111/t.
  • Today May home loan data prints and a 1.8% m/m rise is forecast.
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