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AUD Pares Post CPI Gains, JPY Marginally Pressured

FOREX

The AUD is the weakest performer in the G-10 space at the margins this morning as post-CPI gains are trimmed. AUD/USD met resistance above the $0.65 handle and is down ~0.2% last printing at $0.6490/95.

  • AUD/USD bull cycle is still in play, resistance comes in at $0.6522 high from Aug 30 and $0.6582 50.0% retracement of Jul 13 - Oct 26 bear leg. Support is at $0.6339 low from Nov 10.
  • Yen is also pressured after Japan's flash Q3 GDP print was softer than forecast. USD/JPY has trimmed some of yesterday's losses and is up ~0.2% at ¥152.60/65.
  • Kiwi is a touch lower however NZD/USD is holding above the $0.60 handle for now.
  • Elsewhere in G-10 Tuesday's gains have been marginally trimmed with EUR and GBP ~0.1% lower.
  • Cross asset wise BBDXY is up ~0.1%, e-minis have opened firmer up ~0.1%. US Tsys Yields are little changed.
  • A reminder Q3 WPI from Australia crosses at the bottom of the hour, further out we have Chinas 1-Year MLF and monthly economic activity data
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