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AUD: AUD/USD Close To 100-day EMA Support, Inflation Expectations Out Today

AUD
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets

AUD/USD lost close to 0.40% for Wednesday's session, as the USD continued to track higher. In a relative sense the A$ fared better than NZD, (down 1.2%) while JPY lost 0.75%. The USD BBDXY index gained a little over 0.40%. AUD/USD tracks in the 0.6715/20 region in early Thursday dealings. 

  • The USD was supported by a firmer US Tsy yield back, with the benchmarks up around 5-7bps, the 2yr above 4%. Wednesday's FOMC minutes showed "some" voting members failed to sway the 50bp cut majority at the September policy meeting. Comments from the Fed's Logan were also supportive to yields,  flagging the "meaningful risk" that inflation could stick above 2%.
  • Global equity market sentiment was positive, with the SPX up 0.71%, while the Bloomberg commodity index eased a further 0.29%, the metals sub index fell 1.51%, off 4% in the past two sessions. Copper was off 1.3%, but iron ore is holding up, last near $106/ton. Focus remains on China fiscal stimulus outlook, with this Saturday's press conference from the MoF coming up.
  • For AUD/USD, we are sub the 50-day EMA (near 0.6750), while the 100-day is close to 0.6700. 0.6622 the Sep 11 low is seen as key support. The 20-day EMA is back at 0.6804 on the topside.
  • The AUD/NZD cross got close to 1.1100 yesterday in the aftermath of the RBNZ cut. July highs in the pair were just above 1.1150.
  • On the local data calendar today we have Oct consumer inflation expectations (prior was 4.4%). Note as well early this evening, Assistant Governor Hunter appears on a panel session. 
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AUD/USD lost close to 0.40% for Wednesday's session, as the USD continued to track higher. In a relative sense the A$ fared better than NZD, (down 1.2%) while JPY lost 0.75%. The USD BBDXY index gained a little over 0.40%. AUD/USD tracks in the 0.6715/20 region in early Thursday dealings. 

  • The USD was supported by a firmer US Tsy yield back, with the benchmarks up around 5-7bps, the 2yr above 4%. Wednesday's FOMC minutes showed "some" voting members failed to sway the 50bp cut majority at the September policy meeting. Comments from the Fed's Logan were also supportive to yields,  flagging the "meaningful risk" that inflation could stick above 2%.
  • Global equity market sentiment was positive, with the SPX up 0.71%, while the Bloomberg commodity index eased a further 0.29%, the metals sub index fell 1.51%, off 4% in the past two sessions. Copper was off 1.3%, but iron ore is holding up, last near $106/ton. Focus remains on China fiscal stimulus outlook, with this Saturday's press conference from the MoF coming up.
  • For AUD/USD, we are sub the 50-day EMA (near 0.6750), while the 100-day is close to 0.6700. 0.6622 the Sep 11 low is seen as key support. The 20-day EMA is back at 0.6804 on the topside.
  • The AUD/NZD cross got close to 1.1100 yesterday in the aftermath of the RBNZ cut. July highs in the pair were just above 1.1150.
  • On the local data calendar today we have Oct consumer inflation expectations (prior was 4.4%). Note as well early this evening, Assistant Governor Hunter appears on a panel session.