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A$ Underperforms, AUDNZD Sinks

AUD

Aussie was the worst performer in the G10 on Wednesday following a lower-than-expected CPI print. AUDUSD fell 0.5% to 0.6618 after approaching 66c earlier. The USD index fell 0.1%.

  • Despite yesterday’s move lower, AUDUSD remains in a bullish trend. The break higher of a number of key levels signals scope for an extension towards 0.6686. Initial support is at 0.6506, 20-day EMA.
  • Aussie fell to a low of 1.0723 against the kiwi following the RBNZ’s hawkish hold. The pair is currently down 0.8% to 1.0750. AUDJPY is 0.6% lower at 97.43, close to the low of 97.34. AUDEUR fell 0.3% to 0.6032 and AUDGBP -0.5% to 0.5212.
  • Equity markets were mixed with the S&P down 0.1% and FTSE -0.4% but the Euro stoxx rose 0.5%. The VIX closed at 13%. Oil prices rebounded off their lows on talk of an OPEC cut. Brent is 1.4% higher at $82.62/bbl. Copper is down 0.2% and iron ore is around $129/t.
  • Today Q3 private capex, October building approvals and RBA private credit are released.
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