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AUD: A$ Remains Weak But AUDUSD Off Lows

AUD
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After continuing to fall in early APAC trading to a low of 0.6199, breaking through the next resistance level at 0.6210, AUDUSD has turned up helped by the USD move lower and is currently up 0.1% to 0.6225. Risk appetite and thus the Aussie weakened substantially following the Fed’s more cautious outlook for easing. The USD index rose 1% on Wednesday but is currently off today’s high to be flat. 

  • While the break below 62c was very brief, it is the first time AUDUSD has breached that level since mid-October 2022. It has broken below support at 0.6300, 0.6270, 0.6259 and 0.6210 since the Fed announcement. It appears to be facing resistance around 0.6227.
  • Aussie is little changed against other major currencies and has only recouped some losses against kiwi after very weak NZ Q3 GDP was released this morning. AUDNZD is 0.1% higher at 1.1069 after a low of 1.1039 in early trading.
  • AUDJPY is down slightly at 96.16 after falling to 95.81 earlier. AUDGBP is steady at 0.4945 after a dip to 0.4930. AUDEUR is down 0.1% to 0.5997 after breaking below 0.6000 to a low of 0.5983.
  • Equities are weaker following Wall Street’s sharp sell off. The ASX is down 1.8%, Hang Seng -0.9% and CSI 300 -0.3% but the S&P e-mini up 0.2%. Oil prices are lower with WTI -0.8% to $69.45/bbl. Copper is down 1.4% and iron ore to around $101.00.
  • Later US jobless claims, revised Q3 GDP, December Philly/Kansas Fed indices, November existing home sales and leading index. The BoE decision is announced but it is expected to be on hold. 
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After continuing to fall in early APAC trading to a low of 0.6199, breaking through the next resistance level at 0.6210, AUDUSD has turned up helped by the USD move lower and is currently up 0.1% to 0.6225. Risk appetite and thus the Aussie weakened substantially following the Fed’s more cautious outlook for easing. The USD index rose 1% on Wednesday but is currently off today’s high to be flat. 

  • While the break below 62c was very brief, it is the first time AUDUSD has breached that level since mid-October 2022. It has broken below support at 0.6300, 0.6270, 0.6259 and 0.6210 since the Fed announcement. It appears to be facing resistance around 0.6227.
  • Aussie is little changed against other major currencies and has only recouped some losses against kiwi after very weak NZ Q3 GDP was released this morning. AUDNZD is 0.1% higher at 1.1069 after a low of 1.1039 in early trading.
  • AUDJPY is down slightly at 96.16 after falling to 95.81 earlier. AUDGBP is steady at 0.4945 after a dip to 0.4930. AUDEUR is down 0.1% to 0.5997 after breaking below 0.6000 to a low of 0.5983.
  • Equities are weaker following Wall Street’s sharp sell off. The ASX is down 1.8%, Hang Seng -0.9% and CSI 300 -0.3% but the S&P e-mini up 0.2%. Oil prices are lower with WTI -0.8% to $69.45/bbl. Copper is down 1.4% and iron ore to around $101.00.
  • Later US jobless claims, revised Q3 GDP, December Philly/Kansas Fed indices, November existing home sales and leading index. The BoE decision is announced but it is expected to be on hold.