MNI China Daily Summary: Friday, January 10

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FOREX: Antipodean FX Underperforming Amid Weakness for Equities, Multi Year Lows

FOREX
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  • There has been some notable underperformance for Antipodean currencies, with both AUD and NZD extending multi-year lows, approaching 1% losses on the session against the dollar. Weakness for equities is bolstering the negative sentiment here, weighed heavily by the broad strength in the US labour market report.
  • AUDUSD stretches further below 0.6200, and in the process has broken the 2022 lows at 0.6170. This places the pair at the lowest level since shortly after the pandemic in 2020 and will target 0.6100 (round number support) before 0.6045, the 1.500 projection of the Sep 30 - Nov 6 - 7 price swing.
  • For NZDUSD, after consolidating beneath 0.5600 this morning, we have now broken the most recent lows of 0.5572 (low 0.5543 so far), signalling scope for a move towards the October 2022 low at 0.5512.
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  • There has been some notable underperformance for Antipodean currencies, with both AUD and NZD extending multi-year lows, approaching 1% losses on the session against the dollar. Weakness for equities is bolstering the negative sentiment here, weighed heavily by the broad strength in the US labour market report.
  • AUDUSD stretches further below 0.6200, and in the process has broken the 2022 lows at 0.6170. This places the pair at the lowest level since shortly after the pandemic in 2020 and will target 0.6100 (round number support) before 0.6045, the 1.500 projection of the Sep 30 - Nov 6 - 7 price swing.
  • For NZDUSD, after consolidating beneath 0.5600 this morning, we have now broken the most recent lows of 0.5572 (low 0.5543 so far), signalling scope for a move towards the October 2022 low at 0.5512.