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A$ Surges Back Above 0.6600, As USD Plunges On CPI Miss

AUD

AUD/USD is above 0.6600, fresh highs back to late September. The pair is up 2.90% over the past 24 hours, as the USD suffered heavy losses post the US CPI miss. On the topside for the AUD, the September 23 high sits at 0.6656, while the 100-day EMA is a little higher at 0.6668. On the downside, the November 8 high is at 0.6551, while the 50-day EMA is at 0.6514. which could offer support.

  • US yields plunged post the CPI miss, 2yr down 25bps to 4.33%. Market expectations of a lower pace of Fed hikes (50bps) now priced in for the December meeting.
  • The S&P500 is up over 5%, while the VIX plunged to 23.40%, lows back to mid September. Still the AUD wasn't the best performed in the G10 space, with JPY topping the leader board (+3.65%), likely due to sensitivity to UST moves. AUD/JPY is back sub 93.50, but saw support below 93.00.
  • Commodities were higher, copper +2% to $378 (CMX), while iron ore is back above $88/tonne. Metals generally outperformed oil, with Brent posting a more modest 0.90% rise.
  • The local data calendar is empty today, with the next major focus point on Tuesday next week when the RBA Minutes will be published.
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