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AUD Contrasts With Firmer Stocks, Hits 2021 Lows

FOREX
  • The greenback is holding recent gains, with the USD index in a holding pattern just below this week's 93.437 multi-month high. Having underperformed earlier this week, EUR is moderately stronger early Thursday, with EUR/GBP bouncing very slightly off the 2021 low of 0.8503.
  • Today's weaker AUD contrasts with continued strength in equity markets as the e-mini S&P continues to probe recent highs. The index looks on track to test the record highs printed mid-March, a move above which would open the 4,000 level. AUD/USD retreated to touch 0.7532 in early Europe, a new 2021 low. Technical pressure and the further trimming of AUD longs by fund-type accounts have been cited for today's weakness.
  • NOK is firmer as WTI and Brent crude futures resume their uptrend, with USD/NOK oscillating either side of the 8.5195 50-dma.
  • Focus turns to March Manufacturing ISM data as well as US weekly jobless claims. Fed's Harker is also due to speak.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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