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AUD: A$ Pressured By Upcoming US Tariffs, AUDUSD Breaks Below Support

AUD
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Aussie underperformed the G10 again as the US dollar jumped on news that 25% tariffs on US imports from Canada and Mexico will go ahead next week as well as an additional 10% on China, which could indirectly impact Australia. There are concerns that protectionism will reduce global growth. AUDUSD fell 1.1% to 0.6235, close to the intraday low, as the USD index rose 0.6%. The pair is still up 0.7% this year. 

  • Technicals continue to suggest that the fall in AUDUSD is corrective. Support at 0.6250, 27 February low, was breached opening up 0.6231 which has provided a floor. Initial resistance is at 0.6409, 21 February high.
  • The risk-averse yen outperformed leaving AUDJPY down 0.6% to 93.41 after rising to 94.51.
  • Risk-sensitive kiwi also underperformed resulting in little change in AUDNZD at 1.1072 after peaking at 1.1087.
  • AUDGBP trended lower over Thursday and is now down 0.6% to 0.4948, the lowest since mid-December. AUDEUR fell 0.3% to 0.5996.
  • Equities sold off with the S&P down 1.6% and Euro stoxx -1.0%. Oil prices are higher with Brent +1.7% to $73.78/bbl. Copper is up 0.1% and iron ore is lower around $104/t.
  • Today RBA private credit for January is released and expected to rise 0.5% m/m.
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Aussie underperformed the G10 again as the US dollar jumped on news that 25% tariffs on US imports from Canada and Mexico will go ahead next week as well as an additional 10% on China, which could indirectly impact Australia. There are concerns that protectionism will reduce global growth. AUDUSD fell 1.1% to 0.6235, close to the intraday low, as the USD index rose 0.6%. The pair is still up 0.7% this year. 

  • Technicals continue to suggest that the fall in AUDUSD is corrective. Support at 0.6250, 27 February low, was breached opening up 0.6231 which has provided a floor. Initial resistance is at 0.6409, 21 February high.
  • The risk-averse yen outperformed leaving AUDJPY down 0.6% to 93.41 after rising to 94.51.
  • Risk-sensitive kiwi also underperformed resulting in little change in AUDNZD at 1.1072 after peaking at 1.1087.
  • AUDGBP trended lower over Thursday and is now down 0.6% to 0.4948, the lowest since mid-December. AUDEUR fell 0.3% to 0.5996.
  • Equities sold off with the S&P down 1.6% and Euro stoxx -1.0%. Oil prices are higher with Brent +1.7% to $73.78/bbl. Copper is up 0.1% and iron ore is lower around $104/t.
  • Today RBA private credit for January is released and expected to rise 0.5% m/m.