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A$ Underperforms On Risk Pullback, Approaching 66c

AUD

The G10 were weaker against the greenback on Wednesday with Aussie underperforming most as equities sold off. The USD index rose 0.5% driven by higher Treasury yields and weaker risk appetite. AUDUSD fell 0.6% to 0.6610, the intraday low, and is currently around 0.6609. It reached 0.6666 earlier following the higher-than-expected April CPI print.

  • AUDUSD’s bullish theme is intact and the recent move down appears corrective. Initial support is at 0.6592, May 24 low. The bull trigger is at 0.6714, May 16 high.
  • AUDJPY is down 0.3% to 104.19. AUDNZD has completely unwound its post Aussie CPI rally to 1.0849 and is currently down 0.2% to 1.0812. AUDEUR is 0.1% lower at 0.6119 and AUDGBP -0.1% to 0.5204.
  • Equities sold off with the S&P down 0.7% and Euro stoxx -1.3%. Oil prices fell with Brent down 0.8% to $83.53/bbl. Copper is 1.7% lower and iron ore is around $118/t.
  • Today the RBA’s Assistant Governor (Economic) Hunter speaks at 0850 AEST. April building approvals and Q1 capex are released.
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