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AUD Firms After RBA Minutes, China GDP

FOREX

The AUD is the strongest performer in the G-10 space at the margins. The AUD firmed after the minutes of the April RBA meeting left the door open for more tightening, with gains marginally extended as Chinese GDP was firmer than expectations.

  • AUD/USD prints at $0.6715/20 ~0.2% firmer today. March Household Spending rose 8.0% up from a fall of -0.1% in February. Bulls target a break of the 50-Day EMA ($0.6736), on the downside support is seen at $0.6620 the low from April 10.
  • Kiwi is also firmer, however NZD/USD has been mostly rangebound against USD respecting a $0.6180/95 range in today's Asian session.
  • Yen is little changed from yesterdays closing levels. USD/JPY did briefly break Monday's high before gains were pared to sit at ¥134.40/50.
  • Elsewhere in G-10 ranges have been narrow with little follow through on moves.
  • Cross asset flows remain muted, US Treasury Yields are ~1bp softer and e-minis are flat. BBDXY is also little changed.
  • In Europe today we have UK Unemployment and the German ZEW Survey. Further out US House Starts and Canadian CPI will cross.
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