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APAC Equity Rally Supports AUDUSD Above 70c

AUD

AUDUSD is holding onto its Monday’s gains and it is currently trading around 0.7035 not too far off the yesterday’s high. Stronger equity markets are continuing to provide support. The USD is about 0.2% weaker.

  • AUDNZD is up 0.1% to around 1.084. Aussie has lost some ground against the yen with AUDJPY at around 91.74. Aussie is trading higher against the euro and pound after falling earlier today. AUDEUR is around 0.6469 and AUDGBP 0.5682.
  • Survey data in Australia today showed an economy coming off the boil with NAB signalling easing labour demand and price pressures. However, Judo Bank said that output and input inflation had risen again in January. See MNI NAB and PMI commentary.
  • Equity markets in the region are following the US higher with the ASX up 0.2% and the Nikkei +1.3%. S&P e-minis are down 0.1%. Oil prices are range trading and WTI is currently around $81.77/bbl. Copper is also in tight ranges and iron ore is fairly steady around $125/t.
  • Later January PMIs/ISM print in Europe and the US. Tomorrow all eyes will be on the Australian CPI release.
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