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AUD: AUDUSD Approaching 69c, August CPI Coming Up

AUD
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets

Aussie found support from monetary easing in China on Tuesday but then weakened on news the RBA didn’t discuss a rate hike at its September meeting. In the end, AUDUSD rose 0.8% to 0.6892 but was only a mid-range performer in the G10. A lot of the strength was driven by the weaker USD (BBDXY -0.5%), which fell on lower US yields due to a weak consumer confidence reading.

  • AUDUSD has cleared key resistance at 0.6824, which opens 0.6900, which the pair is currently approaching. Initial support is at 0.6792, September 23 low.
  • The yen underperformed the G10 but was still stronger against the greenback. So AUDJPY rose 0.5% to 98.72 and spent most of the European/US sessions range trading reaching a high of 99.07.
  • Kiwi outperformed yesterday driving AUDNZD below 1.09. The pair fell 0.4% to 1.0871 and is currently at 1.0876.
  • AUDEUR is up 0.2% to 0.6165 and AUDGBP +0.3% to 0.5139.
  • Equities rallied with the S&P up 0.3% and Euro stoxx +1.1%. Oil prices were higher with Brent +1.7% to $75.17/bbl. Copper is 4.1% stronger and iron ore is up to around $96/t driven by China stimulus.
  • Today August CPI prints and headline is expected to moderate to 2.7%y/y from 3.5%, driven by government measures. So the focus will be on the trimmed mean, which was 3.8% in July, as that is the RBA’s focus.
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Aussie found support from monetary easing in China on Tuesday but then weakened on news the RBA didn’t discuss a rate hike at its September meeting. In the end, AUDUSD rose 0.8% to 0.6892 but was only a mid-range performer in the G10. A lot of the strength was driven by the weaker USD (BBDXY -0.5%), which fell on lower US yields due to a weak consumer confidence reading.

  • AUDUSD has cleared key resistance at 0.6824, which opens 0.6900, which the pair is currently approaching. Initial support is at 0.6792, September 23 low.
  • The yen underperformed the G10 but was still stronger against the greenback. So AUDJPY rose 0.5% to 98.72 and spent most of the European/US sessions range trading reaching a high of 99.07.
  • Kiwi outperformed yesterday driving AUDNZD below 1.09. The pair fell 0.4% to 1.0871 and is currently at 1.0876.
  • AUDEUR is up 0.2% to 0.6165 and AUDGBP +0.3% to 0.5139.
  • Equities rallied with the S&P up 0.3% and Euro stoxx +1.1%. Oil prices were higher with Brent +1.7% to $75.17/bbl. Copper is 4.1% stronger and iron ore is up to around $96/t driven by China stimulus.
  • Today August CPI prints and headline is expected to moderate to 2.7%y/y from 3.5%, driven by government measures. So the focus will be on the trimmed mean, which was 3.8% in July, as that is the RBA’s focus.