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AUD Firms In Early Dealing

FOREX

The AUD is the strongest performer in the G-10 space at the margins in early dealing on Monday, benefitting from the improved risk sentiment after China cut stock stamp duty over the week.

  • AUD/USD is up ~0.2% and last prints at $0.6415/20. Despite today's price action technically the outlook for Aussie is bearish, support comes in at $0.6535 (low from Aug 17) and resistance is at $0.6488 (high from 24 Aug).
  • Kiwi is a touch firmer, NZD/USD has dealt in a narrow range consolidating above the $0.59 handle.
  • Yen is marginally pressured as US Tsy Yields are firmer in early trade. USD/JPY remains in an uptrend, resistance is at ¥146.63 (high from Aug 25 and bull trigger) and ¥146.93 (8 Nov 22 high). Support comes in at ¥144.39 (20-Day EMA).
  • Elsewhere in G-10, cable is higher and EUR is little changed.
  • Cross asset wise; e-minis are up ~0.1% and BBDXY is a touch lower. US Tsy Yields are ~1bp higher across the curve.
  • Australia Retail Sales for July are the only data of note in the Asian session.
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