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A Week of Survey Data Ahead

AUD

AUDUSD was stable through the latter part of the European/US session and closed at 0.6841. We dipped towards 0.6800 early doors this morning, but are now back to 0.6840/45, as aided by higher US futures. Early weakness looked to be related to AUD/EUR, with the pair slumping towards 0.6720, but we are now back to 0.6790.

  • The first support (Sep 7 low) is at 0.6699 - a long way from where we are now. The first resistance is closer at 0.6857 (20-day EMA). With little news in Australia today, the AUDUSD may not post big swings today.
  • On Friday, the AUD was the best performer versus the USD, up 1.3%. All other currencies also appreciated versus the USD and the DXY fell 0.66% on the day, as equity markets strengthened across the board. The VIX was down again to 22.8%.
  • Commodities were also higher on Friday, on USD weakness, with crude oil up about 4% and LME metals 1%. Iron ore jumped $4 to $104.
  • This week in Australia we see CBA household spending (Tues), the Westpac consumer confidence index (Tues), the NAB business survey (Tues), Melbourne Institute inflation expectations (Thurs), and the August employment report (Thurs). See https://marketnews.com/key-week-ahead-for-rba-outlook. Elsewhere, the focus of the week is likely to be the US CPI on Tuesday.
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