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A$ Underperforms But Holds Above 64c As RBA Weighs On Currency

AUD

The Aussie underperformed on Tuesday following what was interpreted as a dovish rate hike by the RBA. It fell against all of the G10 except NOK. AUDUSD stepped down following the RBA decision and then trended lower through the European morning before rising slightly during the NY session. It held above 64c falling to a low of 0.6404 and is currently down 0.8% to 0.6436. The dollar strengthened with the USD index up 0.3%.

  • Despite the post-RBA pullback, a short-term bull cycle remains, as the 50-day EMA was breached and key resistance at 0.6522 is now the focus. Initial support is at 0.6388, 20-day EMA.
  • AUDJPY is down 0.6% to 96.79. AUDNZD fell 0.4% to 1.0842 following a low of 1.0821. AUDEUR is 0.6% lower at 0.6015 but held above 0.6000 through the day. AUDGBP is down 0.5% to 0.5233.
  • Equities were mixed with the S&P up 0.3% but the Euro stoxx down 0.1%. Oil prices were sharply lower with WTI down 4.2% to $77.39/bbl. Copper is 0.9% lower and iron ore is $121-122/t.
  • There are no Australian data today and no events until the RBA’s Statement of Monetary Policy on Friday.
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