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A$ Underperforms On Weaker Risk Appetite & Fed Minutes

AUD
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Even before the FOMC minutes, Aussie was trending lower through the European/US sessions driven by a pull back in risk which also saw commodities sell off. The minutes signalled a higher-for-longer Fed and as a result the greenback rallied (USD index +0.25%) resulting in AUD underperforming. AUDUSD fell 0.7% to 0.6620 after a low of 0.6608.

  • Despite Wednesday’s sharp correction, AUDUSD’s bullish theme remains intact. Initial support at 0.6610 was briefly breached and the next level is 0.6573, 50-day EMA. Initial resistance is at 0.6714, May 16 high.
  • AUDNZD is 0.8% lower at 1.0858 after a hawkish hold from the RBNZ yesterday. AUDGBP is down 0.8% to 0.5206 following stronger-than-expected UK CPI data. AUDEUR is down 0.4% to 0.6116. AUDJPY is 0.3% lower at 103.78.
  • Equities sold off with the S&P down 0.3% and Euro stoxx -0.4%. Oil prices fell with Brent down 1.4% to $81.74/bbl. Copper sank 6% and iron ore is around $120/t.
  • Today the preliminary Judo Bank PMIs for May and Melbourne Institute inflation expectations are released.
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Even before the FOMC minutes, Aussie was trending lower through the European/US sessions driven by a pull back in risk which also saw commodities sell off. The minutes signalled a higher-for-longer Fed and as a result the greenback rallied (USD index +0.25%) resulting in AUD underperforming. AUDUSD fell 0.7% to 0.6620 after a low of 0.6608.

  • Despite Wednesday’s sharp correction, AUDUSD’s bullish theme remains intact. Initial support at 0.6610 was briefly breached and the next level is 0.6573, 50-day EMA. Initial resistance is at 0.6714, May 16 high.
  • AUDNZD is 0.8% lower at 1.0858 after a hawkish hold from the RBNZ yesterday. AUDGBP is down 0.8% to 0.5206 following stronger-than-expected UK CPI data. AUDEUR is down 0.4% to 0.6116. AUDJPY is 0.3% lower at 103.78.
  • Equities sold off with the S&P down 0.3% and Euro stoxx -0.4%. Oil prices fell with Brent down 1.4% to $81.74/bbl. Copper sank 6% and iron ore is around $120/t.
  • Today the preliminary Judo Bank PMIs for May and Melbourne Institute inflation expectations are released.