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A$ Underperforms USD Pullback, Housing Finance Data Out Today

AUD

The AUD was an underperformer through Thursday's session. The currency lost around 0.15% and sits near 0.6690 in early Friday trade. Post US CPI lows were at 0.6647, against pre data levels around 0.6720.

  • The A$ recovered ground as US yields fell post the CPI print, with some dovish central bank speak aiding the move.
  • Still, softness in the equity space, saw underperformance. AUD/JPY is back to the 97.20/25 region. Highs earlier on Thursday were around 97.80. US markets were close to flat, but EU markets were down.
  • In the commodity space, the aggregate Bloomberg index rose 0.25%, while the metals sub index was marginally higher. Iron ore is near recent lows, last at $132.50/ton.
  • For AUD/USD, moving average studies highlight an uptrend and trendline support - at 0.6615 - drawn from the late October low, remains intact. The trendline represents an important support. On the upside key resistance is unchanged at 0.6871, the Dec 28 high.
  • On the data front today, we have Nov housing finance data. A +1.3% rise is projected (prior was 5.4%).
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