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A$ Trends Lower After China Rate Cuts

AUD

After briefly breaking 67c early on Monday, AUDUSD trended lower through the rest of the day and underperformed the G10 as China’s rate cuts only raised concerns about the economy. The pair fell 0.6% to 0.6642, below the 50-day EMA, after a low of 0.6631 with softer commodity prices also weighing. The USD index fell 0.1% with the yen and pound the main beneficiaries.

  • AUDUSD finished Monday below the 50-day EMA of 0.6666, which is bearish and opens key support at 0.6576. Initial resistance is at 0.6799, July 11 high.
  • AUDJPY is down 1% to 104.30, lowest since mid-June. It fell to an intraday low of 103.98. AUDNZD was only 0.1% lower at 1.1112 after range trading through Monday. AUDGBP is down 0.8% to 0.5137, close to the intraday low. AUDEUR is 0.7% lower at 0.6100.
  • Equities rallied with the S&P up 1.1% and Euro stoxx +1.5%. Oil prices were down again with Brent -0.5% to $82.26/bbl. Copper fell 0.9% and iron ore was lower at $102-103/t.
  • There are no data or events in Australia today.
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