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A$ Surges Post US CPI Miss, Base Metals Index +3% For Wednesday

AUD

AUD/USD got close to 0.6800 late in NY trade, as the USD suffered broad based losses post the weaker than expected CPI print. The pair last tracks just under 0.6790, a full 100pips above pre US CPI levels near 0.6690. For Wednesday's session, the currency recorded a 1.5% gain, the 4th best performer in the G10 space.

  • The surge in the A$ has resulted in a break of a number of near-term retracement levels. This highlights a stronger short-term bullish theme and opens the 76.4% level at 0.6828 (Jun 16- 29 bear leg). A break of this level would expose 0.6900, the Jun 16 high and a key resistance. Support is evident at yesterday's intra-day low of 0.6682.
  • Cross asset signals boosted the AUD amid a sharp pull back in US yields (2yr down 12.6bps to 4.75%). US/EU equities rallied, while the VIX slumped back close to 13.50%, not too far off recent lows.
  • The Bloomberg aggregate commodity index was 0.27% higher, the fourth straight gain, but the metals index surged nearly 3%. Iron ore is back above $110/ton.
  • Today on the data front we have July consumer inflation expectations. There is no consensus, the prior read was 5.2%.
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