June 05, 2024 22:23 GMT
A$ Weaker Vs Kiwi, Stronger Vs Yen, Unchanged Vs USD
AUD
AUDUSD was little changed on Wednesday after the soft Q1 GDP print and is currently around 0.6649. The pair fell to a low of 0.6626 following the stronger-than-expected US services ISM but then recovered supported by stronger equities. The USD index was slightly lower.
- The AUDUSD bull cycle remains intact. Initial support is at 0.6595, 50-day EMA, while the bull trigger is at 0.6714.
- AUDNZD continued to trend lower and is down 0.3% to 1.0737, close to the intraday low. AUDJPY rose 0.8% to 103.78 as the risk on tone hurt the yen. AUDEUR rose 0.1% to 0.6116 but AUDGBP fell 0.2% to 0.5199.
- Equities were stronger with the S&P up 1.2% and the Euro stoxx +1.7%. Oil prices recovered somewhat with WTI up 1.4% to $74.33/bbl. Copper is 2% stronger and iron ore is around $107/t.
- Today housing finance and trade data for April print with loans expected to rise 1.5% m/m and the trade surplus to widen.
159 words