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AUD Outperforms As Equities Edge Higher

FOREX
  • Growth proxy currencies have outperformed on Thursday, with AUD/USD (+1.01%) holding onto the majority of overnight gains, narrowing the gap with $0.70. A break above this mark opens initial firm resistance at 0.7040, the Aug 16 high where a break is required to ease the current bearish pressure.
  • The greenback trades generally weaker putting the USD Index further off the recovery high printed earlier this week at 109.27, but pullbacks are expected to remain shallow ahead of the Jackson Hole Policy Symposium which has formally kicked off with Fed officials giving interviews throughout he US session. Markets watch for confirmation of the full agenda, with a speech from Fed's Powell the focus on Friday.
  • NZD (+0.61%) is gaining in sympathy with the AUD, while EUR rallies continue to meet stiff supply, explaining the pair being unchanged on Thursday. Energy costs continue to add to the stagflation narrative, with 2023 power costs across Germany rising to new record highs ahead of the NY open.
  • Elsewhere, the greenback weakness has been broad based and the likes of JPY, GBP, CAD, CHF and CNH have all posted modest gains ahead of tomorrow’s main event. Overall, price action has been expectedly subdued.
  • Aside from Powell, potential comments from RBNZ Governor Orr who is due to speak in an interview conducted by Bloomberg TV at Jackson Hole overnight. Although data will likely take a back seat tomorrow, we have US Core PCE Price Index, personal spending and UniMich consumer sentiment on the docket.
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