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AUD: A$ Pressured By Prospect Of Trade War, CPI Coming Up

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Aussie again underperformed the G10 with other commodity currencies following the first of President-elect Trump’s tariffs announcements on Tuesday. The prospect of a trade war weighed on AUDUSD with the pair falling 0.6% to 0.6465 after a low of 0.6434. The US strengthened with the BBDXY index up 0.2%.

  • Tuesday’s sell off reinforced AUDUSD’s bearish theme and maintained the bearish price sequence of lower lows and lower highs. Moving average studies are also in a bear-mode position. Initial support is yesterday’s low of 0.6434 and resistance is at 0.6549, 20-day EMA.
  • The yen outperformed the G10 as it strengthened against the US dollar. AUDJPY fell 1.3% to 98.95, the lowest since the start of October.
  • AUDNZD is down 0.3% to 1.1089 ahead of today’s RBNZ decision. It is widely expected to cut rates another 50bp widening the rate differential with Australia further. The RBA appears firmly on hold for now.
  • AUDEUR fell 0.5% to 0.6165 and AUDGBP -0.6% to 0.5144.
  • Equities were mixed with the S&P up 0.6% but Euro stoxx down 0.8%. Oil prices fell with Brent -0.4% to $72.70/bbl. Copper is down 1% and iron ore is around $102.75/t.
  • Today October CPI prints and is forecast to tick up to 2.3% from 2.1%. It won’t include much updated data on services prices though, which are the focus of the RBA. Also Q3 construction work is released and expected to rise 0.4% q/q. 
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Aussie again underperformed the G10 with other commodity currencies following the first of President-elect Trump’s tariffs announcements on Tuesday. The prospect of a trade war weighed on AUDUSD with the pair falling 0.6% to 0.6465 after a low of 0.6434. The US strengthened with the BBDXY index up 0.2%.

  • Tuesday’s sell off reinforced AUDUSD’s bearish theme and maintained the bearish price sequence of lower lows and lower highs. Moving average studies are also in a bear-mode position. Initial support is yesterday’s low of 0.6434 and resistance is at 0.6549, 20-day EMA.
  • The yen outperformed the G10 as it strengthened against the US dollar. AUDJPY fell 1.3% to 98.95, the lowest since the start of October.
  • AUDNZD is down 0.3% to 1.1089 ahead of today’s RBNZ decision. It is widely expected to cut rates another 50bp widening the rate differential with Australia further. The RBA appears firmly on hold for now.
  • AUDEUR fell 0.5% to 0.6165 and AUDGBP -0.6% to 0.5144.
  • Equities were mixed with the S&P up 0.6% but Euro stoxx down 0.8%. Oil prices fell with Brent -0.4% to $72.70/bbl. Copper is down 1% and iron ore is around $102.75/t.
  • Today October CPI prints and is forecast to tick up to 2.3% from 2.1%. It won’t include much updated data on services prices though, which are the focus of the RBA. Also Q3 construction work is released and expected to rise 0.4% q/q.