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A$ Weakens As USD Rallies Ahead Of Fed

AUD

The G10 were all lower against the greenback ahead of today’s Fed meeting and in reaction to stronger US data, and Aussie underperformed most of the G10. AUDUSD fell 0.6% to 0.6334 but off the intraday low of 0.6315. The USD index rose 0.4%.

  • The trend outlook for AUDUSD remains bearish and any short-term gains are seen as corrective. Initial support is at 0.6272, 3 November 2022 low, and resistance at 0.6406, 50-day EMA.
  • AUDNZD fell 0.3% and is currently around 1.0874 ahead of the labour market data. AUDJPY is up 1.1% to 96.05. AUDEUR is 0.3% lower at 0.5990 and AUDGBP -0.5% to 0.5214.
  • Equity markets were generally higher with the S&P up 0.7% and the Euro stoxx +0.8% but the FTSE down 0.1%. Oil prices fell over a percent and Brent closed at $85.44/bbl. Copper is down 0.2% and iron ore is around $122/t.
  • Today the final October Judo Bank manufacturing PMI and September building approvals print.
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