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AUD: A$ Underperforms Despite Better Risk Appetite, Q4 CPI Coming Up

AUD
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Aussie underperformed on Tuesday driven by no change to the US plan to impose tariffs on Canada and Mexico on February 1. It fell to 0.6237 and then stabilised as US equities rallied. It is currently down 0.6% to 0.6253 and is 1% lower this week. The USD index rose 0.3%. Today’s Q4 CPI data will likely be influential for RBA rate expectations and thus today’s moves in Aussie. 

  • A medium-term bearish trend condition remains but support at 0.6209, January 21 low, held yesterday. The bear trigger is at 0.6131. Initial resistance is at 0.6325, 50-day EMA.
  • AUDNZD trended lower through Tuesday to a low of 1.1025. It is currently down 0.2% at 1.1035. AUDJPY is slightly higher at 97.26 after falling to 96.84. AUDEUR was slightly lower at 0.5994 after a low of 0.5983 and AUDGBP fell 0.2% to 0.5026.
  • Equities were stronger with the S&P up 0.9% and Euro stoxx +0.1%. Oil prices rose with Brent up 0.7% to $77.64/bbl. Copper is up 0.4% and iron ore is just under $104/t.
  • Today Q4/December CPI data is released. Q4 headline is forecast to rise 0.3% q/q & 2.5%, while the trimmed mean is at 0.6% & 3.3%, after 3.5% in Q3. 
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Aussie underperformed on Tuesday driven by no change to the US plan to impose tariffs on Canada and Mexico on February 1. It fell to 0.6237 and then stabilised as US equities rallied. It is currently down 0.6% to 0.6253 and is 1% lower this week. The USD index rose 0.3%. Today’s Q4 CPI data will likely be influential for RBA rate expectations and thus today’s moves in Aussie. 

  • A medium-term bearish trend condition remains but support at 0.6209, January 21 low, held yesterday. The bear trigger is at 0.6131. Initial resistance is at 0.6325, 50-day EMA.
  • AUDNZD trended lower through Tuesday to a low of 1.1025. It is currently down 0.2% at 1.1035. AUDJPY is slightly higher at 97.26 after falling to 96.84. AUDEUR was slightly lower at 0.5994 after a low of 0.5983 and AUDGBP fell 0.2% to 0.5026.
  • Equities were stronger with the S&P up 0.9% and Euro stoxx +0.1%. Oil prices rose with Brent up 0.7% to $77.64/bbl. Copper is up 0.4% and iron ore is just under $104/t.
  • Today Q4/December CPI data is released. Q4 headline is forecast to rise 0.3% q/q & 2.5%, while the trimmed mean is at 0.6% & 3.3%, after 3.5% in Q3.