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A$ Underperforms, Tuesday’s RBA Focus Of Week

AUD

Aussie underperformed the G10 on Friday apart from the yen. AUDUSD fell 0.8% driven by technicals and is currently around 0.6656. It approached 0.6620 before recovering somewhat. The USD index was down 0.1% with US data coming in close to expectations.

  • The bearish theme was reinforced on Friday as AUDUSD traded below the 20- and 50-day EMAs. Initial support is at 0.6619, July 7 low, followed by key support at 0.6596. A break of 0.6821 is needed to reinstate a bullish theme.
  • AUDJPY is 0.3% higher at 93.82 despite the BoJ’s YCC adjustment on Friday. AUDNZD is down 0.5% to around 1.0798 off the low of 1.0792. AUDEUR is 1.2% lower at 0.6038 and AUDGBP -1.3% at 0.5178.
  • Equity markets rallied with the S&P up 1% and the Euro Stoxx +0.4%. VIX is down to 13.3%. Oil prices rose around 0.7% with WTI holding above $80 but are starting the week slightly lower at $80.57/bbl. LME metal prices rose 1.2% on Friday to be up 2.6% on the week. Iron ore is lower at under $108/t.
  • Today the July MI inflation gauge and RBA private credit measures for June print. The focus of the week will be Tuesday’s RBA meeting.
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