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AUD Firms After Q3 CPI Print

FOREX

AUD is the strongest performer in the G-10 space at the margins. The move higher was seen after the Q3 CPI print which was firmer than expected with the headline rate at 1.2% Q/Q, RBA terminal rate expectations now sit at 4.47% and another 25bp rate hike is 78% priced in for the November meeting.

  • AUD/USD sits ~0.4% firmer at $0.6375/80. Resistance is at $0.6393, high from Oct 18, the next level for bulls is $0.6445, high from Oct 11.
  • Kiwi is a touch firmer, NZD/USD is up ~0.1%. The pair was up ~0.3% firmer after the bid in AUD spilled over however it has ticked away from session highs through the session.
  • Yen is little changed and sits beneath the ¥150 handle. Technically bulls remain in the driver's seat, resistance is at ¥150.16, high from Oct 3 and bull trigger. Support comes in at ¥149.21, 20-Day EMA.
  • Elsewhere in G-10 EUR and GBP are following the broader USD move and sit ~0.1% firmer.
  • Cross asset wise; BBDXY is unchanged and the US Tsy curve is marginally steeper. The Hang Seng has pared an early gain of as much as 3% and now sits ~1.6% higher.
  • On Wednesday the docket is thin in Europe with the IFO Survey from Germany providing the highlight.
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