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A$ Weighed By Tariff Headlines, But Still Above 50-day EMA

AUD
APACStoryForeign Exchange BulletsAustraliaMarkets

AUD/USD tracks under 0.6350 in early Tuesday dealings. The pair fell late in US trade on Monday on Trump tariff headlines: "*TRUMP SAYS CANADA, MEXICO TARIFFS ON TIME, MOVING FORWARD, BBG". Still the A$ is only off around 0.15% for Monday's session, amid further muted USD trends overall. The USD BBDXY index was last near 1287.3, up less than 0.1% for the session. 

  • Despite Monday's modest pullback, a bullish technical backdrop for the A$ remains in place. Sights are on key resistance at 0.6410/14 - the 100-dma and the 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg respectively. The 50-day EMA undercuts as support, crossing at 0.6314.
  • USD/CAD rose close to 1.4270 on the tariff remarks, but remains within recent ranges. Broader equity sentiment was softer in US and EU markets (although German shares outperformed on Monday).
  • AUD/JPY got lows of 94.69, but recovered modestly in US trade. We were last at 95.05/10. Dips in this pair remain supported sub 95.00. US yields tracked around 3-4bps lower for key parts of the Tsy benchmarks. This didn't drive yen outperformance though.
  • In the commodity space, the headline Bloomberg and base metals index continued to track lower.
  • There are no data releases today, with Jan CPI due tomorrow. The RBA's Jones (Assistant Governor For the Financial System) will do a Fireside chat. 
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AUD/USD tracks under 0.6350 in early Tuesday dealings. The pair fell late in US trade on Monday on Trump tariff headlines: "*TRUMP SAYS CANADA, MEXICO TARIFFS ON TIME, MOVING FORWARD, BBG". Still the A$ is only off around 0.15% for Monday's session, amid further muted USD trends overall. The USD BBDXY index was last near 1287.3, up less than 0.1% for the session. 

  • Despite Monday's modest pullback, a bullish technical backdrop for the A$ remains in place. Sights are on key resistance at 0.6410/14 - the 100-dma and the 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg respectively. The 50-day EMA undercuts as support, crossing at 0.6314.
  • USD/CAD rose close to 1.4270 on the tariff remarks, but remains within recent ranges. Broader equity sentiment was softer in US and EU markets (although German shares outperformed on Monday).
  • AUD/JPY got lows of 94.69, but recovered modestly in US trade. We were last at 95.05/10. Dips in this pair remain supported sub 95.00. US yields tracked around 3-4bps lower for key parts of the Tsy benchmarks. This didn't drive yen outperformance though.
  • In the commodity space, the headline Bloomberg and base metals index continued to track lower.
  • There are no data releases today, with Jan CPI due tomorrow. The RBA's Jones (Assistant Governor For the Financial System) will do a Fireside chat.