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A$ Underperformance Corrective, GDP Coming Up


Aussie underperformed the G10 falling a percent against the greenback and the yen. It cleared 66c following the RBA’s on hold decision and then continued trending lower before and after the stronger-than-expected ISM print. It is currently around 0.6552. The USD rose 0.3%.

  • The move lower in AUDUSD is seen as corrective and the uptrend remains in place. Initial support is at 0.6623 with the bull trigger at 0.6691. Initial support is at 0.6547, 20-day EMA.
  • AUDJPY fell 1% to 96.45, close to the intraday low of 96.27. AUDNZD broke below 1.07 and is down 0.4% to 1.0692. AUDEUR is 0.6% lower at 0.6071 after a low of 0.6055, and AUDGBP -0.7% to 0.5203.
  • Equity markets were mixed with the S&P down 0.1%, FTSE -0.3% but the Euro stoxx rose 0.9%. Oil prices were down a further percent with Brent at $77.26/bbl. Copper is down 1.2% and iron ore is around $130/t.
  • Q3 GDP is released today including productivity and unit labour cost data. Bloomberg consensus is at 0.5% q/q.

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