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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUD
The pair has now fallen ~2.4% from April highs, printing a fresh cycle low before marginally paring losses yesterday.
- AUD/GBP printed fresh cycle lows late in Tuesday's trade at £0.5347 before firming on Wednesday as US CPI printed below expectations. However resistance was seen ahead of £0.54 and the pair pared gains to now sit a touch above cycle lows.
- Bears now target the 2022 low at £0.5202, a break through here opens up £0.50, round number resistance.
- Bulls first target a break of the 20-Day EMA (£0.5466) to turn the tide.
- Today's March Australia Labour Market Report, which is on the wires in just over an hour, presents as the risk event event for the pair. The market expects and uptick in the headline unemployment rate to 3.6%.
Fig 1: AUD/GBP Daily Spot, EMAs
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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