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AUD Pressured After RBA Hikes Cash Rate 25bps

FOREX

The AUD has been pressured in Asia today, extending falls after the RBA hiked the cash rate 25bps. The bank revised forecasts which included the peak in unemployment within the time horizon revised down 0.25pp to 4.25% and CPI inflation returning to the top of the target band by the end of 2025 rather than “within” it.

  • AUD/USD sits at $0.6440/50 the pair is down ~0.7% today. Despite todays fall technically the corrective cycle has extended. Resistance comes in at $0.6523, high from Nov 6 and key resistance, and $0.6562, 3.0% 10-DMA envelope. Support is at the 20-Day EMA ($0.6378).
  • Spillover pressure from the RBA decision has seen Kiwi erase its post-NFP gains, NZD/USD prints at $0.5935/40 ~0.4% lower today. AUD/NZD is ~0.3% lower.
  • Yen has ticked away from the ¥150 handle in early dealing this morning. Japan September labor earnings were close to expectations. The nominal outcome at 1.2%, as forecast, and a modest step up from the revised 0.8% pace recorded in August.
  • Elsewhere in G-10 the Scandies are lower however liquidity is generally poor in Asia.
  • Cross asset wise; lower US Equity futures and regional equities have weighed on risk sentiment. BBDXY is up ~0.2%.
  • In Europe today we ahve German Industrial Production and Eurozone PPI.
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