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Bulls Remain In Charge



AUSSIE: AUD has surged alongside its Antipodean cousin NZD at the start to the
session, with a BBG trader source pointing to a liquidity squeeze. There have
been no potential catalysts on the news wires. AUD/USD sits +48 pips at $0.6284.
- The move has allowed the rate to move away from Thursday's lows, the worst
levels seen since 2008. AUD/USD sold off as risk aversion took hold after U.S.
Pres Trump banned travellers from Europe, but failed to offer bold fiscal
measures. The pair slid further amid panic selling of riskier assets. It got
some brief reprieve as the Fed unveiled a new wave of wider Tsy purchases and an
expanded repo ops program, but recovery was shallow and short-lived. The rate
reversed course ahead of the close and took until the Asia session to rebound.
- Bulls need a break above Thursday's high of $0.6492, but their hopes for an
impulsive rally are fragile with the rate trading off earlier highs & still just
above multi-year lows. Bears keep an eye on Thursday's low of $0.6213, with the
next support level seen at the psychological $0.6200 barrier.