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A$ Underperformed But Technicals Suggest Uptrend

AUD

Aussie underperformed most of the G10 apart from the safe haven currencies yen and swiss franc. AUDUSD reached a peak of 0.6670 before falling to a low of 0.6632 following the better-than-expected US preliminary June PMI data. Softer equity markets also weighed on the pair. It is currently trading around 0.6639. The USD index was slightly higher on the day.

  • AUDUSD has been range trading. Key resistance is at 0.6714 and support at 0.6576, with both representing key short-term directional triggers. Moving average studies highlight an uptrend.
  • Aussie is up 0.3% against the yen at 106.07. AUDNZD trended lower through Friday to 1.0849 and is currently around 1.0861. AUDEUR is down 0.2% to 0.6209 and AUDGBP -0.1% to 0.5252.
  • Equities sold off with the S&P down 0.2% and Euro stoxx -0.8%. Oil prices were also lower with Brent down 0.8% to $85.08/bbl. LME metal prices fell 1.4% to be down 0.2% on the week. Iron ore is around $105/t.
  • There are no data or events in Australia today with the focus of the week likely to be on Wednesday’s May CPI data and RBA Deputy Governor Hauser’s speech Thursday.
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