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A$ Underperforms Following RBA Minutes & Higher Core Yields

AUD

AUDUSD trended down following the release of the RBA minutes which mentioned that a pause will be discussed in April. It took another step down with the stronger-than-expected US home sales data. It is now trading around 0.6668, down 0.7%, close to the intraday low of 0.6650. The USD index moved sideways.

  • Trend conditions for AUDUSD remain bearish. Initial support is at 0.6590 and initial resistance at 0.6748.
  • Aussie was one of the worst performers in the G10 outperforming only kiwi and yen. After moving lower following the RBA minutes to 1.0736, AUDNZD finished +0.1% on the day to 1.077 but is off its intraday high of 1.0797. AUDJPY finished up 0.2% and is around 88.34. However, AUDEUR is down 1.1% to 0.6192 and AUDGBP -0.2% to 0.5459.
  • Equity markets were stronger with the S&P up 1.3% and the Eurostoxx +1.5%. VIX was down almost 3pp to 21.4%. Brent rose 1.8% to $75.10/bbl. Copper rose 1.3% and iron ore is lower at $123.70/t.
  • The Westpac leading index for February is released today. Later the FOMC decision is announced.
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