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AUD Mixed Against G10, Judo Bank PMI Shortly

AUD

The AUD lost momentum on Thursday, trading mixed against its G10 peers despite the RBA’s hawkish stance earlier in the week. Higher US Treasury yields bolstered the US Dollar, driving AUD/USD down after two sessions of gains. The pair dropped to 0.6648 before stabilizing near 0.6655 by the session's end.

  • Despite the post-RBA rally, AUDUSD remains in the recent range. The bull trigger is at 0.6714, May 16 high. Key support is at 0.6576, June 10 low. Moving average studies are in a bull-mode set up, highlighting an uptrend.
  • While the AUD/USD was lower, AUD/NZD is little changed at 1.0878 after hitting a low of 1.0852 post-NZ GDP release. AUD/JPY ended trading near session highs, up 0.28% at 105.77, extending a four-day run of positive returns, the AUD/EUR is slightly higher, up 0.13% at 0.6219 and AUD/GBP is also higher, up 0.24% at 0.5258.
  • The RBA remains vigilant on inflation, showing reluctance to ease policy unless necessary. Potential rate hikes in August and September are yet to be ruled out, with the market anticipating nearly 50 bps of easing by December 2025.
  • Sluggish momentum in the Chinese economy could impede a sustainable recovery in the AUD, as China continues to struggle in the post-pandemic era.
  • Today we have Judo Bank PMI at 9:00 am AEST
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