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AUD: AUD Steady Near 0.6500, Bullock Reiterates Caution On Rate Outlook

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AUD/USD tracks near 0.6500 in early Friday dealings. We recorded close to a 30pip range for Thursday's session in holiday impacted trade. We were little net changed for Thursday's session and sit unchanged over the past week, despite the softer USD backdrop. The A$ has lost ground against the yen and NZD over this period.

  • For AUD/USD techs, a bearish trend remains intact. Upside resistance is likely at the 20-day EMA (0.6538), while the Nov 25 high was at 0.6550. Nov 26 lows were at 0.6434 in terms of downside focus points.
  • RBA Governor Bullock spoke late yesterday evening AEDT. She reiterated the cautious backdrop for the rate outlook, given still elevated core inflation pressures.
  • With RBA reforms passing both houses of parliament, Aust Treasury Chalmers noted reforms are likely to apply after next year's Feb policy meeting. Focus will rest on the make up of the monetary policy board.
  • AUD/JPY is up from recent lows, but at 98.50/55 is still comfortably down for the week. Yen has benefited more from broader USD softness and renewed BoJ Dec speculation.
  • AUD/NZD is holding near 1.1040, dips sub 1.1000 supported this week (recent highs marked at 1.1180).
  • On the data front today we have Oct private sector credit figures, unlikely to shift market sentiment. Next week we have Q3 GDP partials, before the print on Wed. Oct retail sales are also out.     
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AUD/USD tracks near 0.6500 in early Friday dealings. We recorded close to a 30pip range for Thursday's session in holiday impacted trade. We were little net changed for Thursday's session and sit unchanged over the past week, despite the softer USD backdrop. The A$ has lost ground against the yen and NZD over this period.

  • For AUD/USD techs, a bearish trend remains intact. Upside resistance is likely at the 20-day EMA (0.6538), while the Nov 25 high was at 0.6550. Nov 26 lows were at 0.6434 in terms of downside focus points.
  • RBA Governor Bullock spoke late yesterday evening AEDT. She reiterated the cautious backdrop for the rate outlook, given still elevated core inflation pressures.
  • With RBA reforms passing both houses of parliament, Aust Treasury Chalmers noted reforms are likely to apply after next year's Feb policy meeting. Focus will rest on the make up of the monetary policy board.
  • AUD/JPY is up from recent lows, but at 98.50/55 is still comfortably down for the week. Yen has benefited more from broader USD softness and renewed BoJ Dec speculation.
  • AUD/NZD is holding near 1.1040, dips sub 1.1000 supported this week (recent highs marked at 1.1180).
  • On the data front today we have Oct private sector credit figures, unlikely to shift market sentiment. Next week we have Q3 GDP partials, before the print on Wed. Oct retail sales are also out.