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A$ Underperforms As US Equities Sell Off Post Fed

AUD

AUDUSD benefited from the perceived dovish 25bp Fed hike and spiked to 0.6759 but once US equities began to pull back Aussie fell to 0.6679. It is now trading around 0.6684. The USD weakened on the FOMC decision and the index is down 0.7%.

  • The correction in AUDUSD has been shallow and so bearish trend conditions remain intact. The 0.6748 resistance level was broken following the Fed but wasn’t sustained. Initial support is at 0.6590.
  • Aussie underperformed the G10, except CAD. AUDJPY is 0.6% lower to 87.84. AUDEUR is down 0.6% to 0.6158 and AUDGBP is down 0.2% to 0.5449. Aussie is down 0.2% against kiwi to 1.0746.
  • Equity markets were mixed with Europe higher (Eurostoxx +0.3%, FTSE +0.4%) but US down (S&P -1.7%, Nasdaq -1.6%). The US rose on the Fed announcement but then declined sharply. Oil continued to recover with WTI up to $70.90/bbl. Copper rose 1.1%. Iron ore is around $121-122/t after starting the week over $130.
  • There is nothing scheduled in Australia today. Tomorrow the Judo Bank preliminary March PMIs print.
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