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A$ Underperforms On Risk Pullback, Watch Job Report

AUD

AUD underperformed the G10 along with CAD against the USD with the risk off move in the NY session. The USD finished flat after recovering somewhat on Fed comments regarding further rate hikes to above 5%. After spending much of the European session above 0.7000 and reaching a high of 0.7063, AUDUSD is currently trading around 0.6938, down 0.7% on Tuesday’s NY close.

  • AUDNZD is lower at around 1.0792. Aussie reached a high of 91.92 versus the yen post BoJ but gave up its gains and is now trading lower than before the announcement at around 89.39. AUDEUR is down 0.7% to 0.6430 and AUDGBP down 1.1% to 0.5622.
  • AUDUSD remains in a bullish trend. Initial support of 0.6930 is holding during the current correction. On the upside, the key resistance to watch is 0.7059.
  • Equity markets were mixed on Wednesday with the Eurostoxx flat but the S&P 500 down sharply by 1.6% as risk appetite deteriorated. VIX is up to 20.3% WTI oil prices gave up their gains from this week on softer-than-expected US data and are now trading around $79.28/bbl. Copper is flat and iron ore higher at $123.50/t.
  • Today the labour market report for December prints. Employment is expected to rise 25k and the unemployment rate to hold steady at 3.4%. MI consumer inflation expectations are also due.
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