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AUD: China Inflation Data Pressuring A$ In Early Trading

AUD
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets

After outperforming on Thursday, Aussie underperformed Friday giving up most of its gains against the US dollar driven by disappointment in China’s stimulus announcement. AUDUSD fell 1.4% to 0.6584 off the intraday low of 0.6561 as US equities recovered. China’s PPI/CPI for October printed lower than expected on Saturday, which may pressure Aussie today and AUDUSD is already lower at 0.6578. The USD index rose 0.6%. 

  • AUDUSD’s bear cycle remains intact with initial support and the bear trigger at 0.6513. The recovery from Wednesday’s US-election related low is considered corrective. Initial resistance is at 0.6684, 50-day EMA.
  • The yen outperformed on Friday driving AUDJPY down 1.7% to 100.47. Kiwi underperformed less than Aussie and so AUDNZD fell 0.5% to 1.1032. AUDEUR is down 0.7% to 0.6142 and AUDGBP -0.9% to 0.5096.
  • Equities were mixed with the S&P 0.4% higher but Euro stoxx down 1.0%. Oil prices fell sharply with Brent down 2.3% to $73.90/bbl. Copper fell 2.7% and iron ore is lower at around $101.40/t.
  • There are no data or events in Australia today. The focus will be on Thursday when RBA Governor Bullock appears and labour market data are released. 
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After outperforming on Thursday, Aussie underperformed Friday giving up most of its gains against the US dollar driven by disappointment in China’s stimulus announcement. AUDUSD fell 1.4% to 0.6584 off the intraday low of 0.6561 as US equities recovered. China’s PPI/CPI for October printed lower than expected on Saturday, which may pressure Aussie today and AUDUSD is already lower at 0.6578. The USD index rose 0.6%. 

  • AUDUSD’s bear cycle remains intact with initial support and the bear trigger at 0.6513. The recovery from Wednesday’s US-election related low is considered corrective. Initial resistance is at 0.6684, 50-day EMA.
  • The yen outperformed on Friday driving AUDJPY down 1.7% to 100.47. Kiwi underperformed less than Aussie and so AUDNZD fell 0.5% to 1.1032. AUDEUR is down 0.7% to 0.6142 and AUDGBP -0.9% to 0.5096.
  • Equities were mixed with the S&P 0.4% higher but Euro stoxx down 1.0%. Oil prices fell sharply with Brent down 2.3% to $73.90/bbl. Copper fell 2.7% and iron ore is lower at around $101.40/t.
  • There are no data or events in Australia today. The focus will be on Thursday when RBA Governor Bullock appears and labour market data are released.