MNI: BOWMAN: UPSIDE RISKS TO INFLATION REMAIN PROMINENT

MNI: BOWMAN: MEASURED CUTS WOULD AVOID REIGNITING INFLATION

MNI: FED GOV BOWMAN WANTS MORE MEASURED APPROACH TO RATE CUTS

MNI NBH WATCH: 25 Basis Point Cut, Outlook "Unchanged"

MNI BRIEF: Market Reaction On Fiscal 'Exaggerated'-BCB Campos

MNI CNB WATCH: 25bps Cut Seen As Fine-Tuning Continues

MNI: US CONF BOARD CONSUMER CONFIDENCE 98.7 IN SEP V AUG 105.6

Economic Data Calendar

MNI:US JUL FHFA HPI SA +0.1% V +0.0% JUN; +4.5% Y/Y

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

AUD: AUD/USD Makes Fresh Highs, Closes Above 0.6800

AUD
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets
  • Risk currencies again outperformed on Thursday, with US equities hitting new highs. The AUD outperforms in G10 and AUDUSD closed  up 0.75% at 0.6814, the highest close since the start of Jan with key resistance of 0.6871 (Dec 28 highs) now in sight.
  • The AUD has also benefitted from the strong employment numbers from Thursday, which saw yields surge higher. The 2yr closed 7bps higher
  • AUDUSD remains firm trading comfortably above all key moving averages, Key resistance at 0.6824, the Aug 29 high, has been breached with resistance now seen at 0.6838 (Sep 19 high) has been breached. A clear break of this hurdle would confirm a resumption of the bull cycle that started Aug 5 and pave the way for a climb towards 0.6900, the Jun 16 ‘23 high. For bears, a reversal lower would refocus attention on key short-term support at 0.6622 (Sep 11 low) with initial support at 0.6734 (20-day EMA)
  • The AUD performed the best against the JPY on Thursday, closing the session 0.89% higher. These moves came on the back of broader JPY weakness with lower beta currencies underperforming across the board.
  • Focus will now turn to the RBA who meet on Tuesday, where they are expected to keep rates on hold focus will be around any commentary from Bullock. The strong jobs numbers from Thursday has seen OIS markets cool slightly for a cut this year, with December now pricing in just 17bps of cuts or less than 50% chance of a cut.
246 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Risk currencies again outperformed on Thursday, with US equities hitting new highs. The AUD outperforms in G10 and AUDUSD closed  up 0.75% at 0.6814, the highest close since the start of Jan with key resistance of 0.6871 (Dec 28 highs) now in sight.
  • The AUD has also benefitted from the strong employment numbers from Thursday, which saw yields surge higher. The 2yr closed 7bps higher
  • AUDUSD remains firm trading comfortably above all key moving averages, Key resistance at 0.6824, the Aug 29 high, has been breached with resistance now seen at 0.6838 (Sep 19 high) has been breached. A clear break of this hurdle would confirm a resumption of the bull cycle that started Aug 5 and pave the way for a climb towards 0.6900, the Jun 16 ‘23 high. For bears, a reversal lower would refocus attention on key short-term support at 0.6622 (Sep 11 low) with initial support at 0.6734 (20-day EMA)
  • The AUD performed the best against the JPY on Thursday, closing the session 0.89% higher. These moves came on the back of broader JPY weakness with lower beta currencies underperforming across the board.
  • Focus will now turn to the RBA who meet on Tuesday, where they are expected to keep rates on hold focus will be around any commentary from Bullock. The strong jobs numbers from Thursday has seen OIS markets cool slightly for a cut this year, with December now pricing in just 17bps of cuts or less than 50% chance of a cut.