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AUD Pressured After RBA Holds Cash Rate Steady

FOREX

The Aussie is the weakest performer in the G-10 space at the margins. AUD/USD was pressured in early trade as regional equities ticked lower before extending losses as the RBA held rates steady and noted that inflation is continuing to moderate.

  • AUD/USD is down ~0.6% and has breached the $0.66 handle to last print at $0.6580/85. Support is at the 20-Day EMA ($0.6539).
  • Kiwi has been pressured on spillover from the weakness in the AUD however losses have been pared and NZD/USD is down ~0.2%. AUD/NZD is pressured and sits a touch above the $1.07 handle.
  • Yen is firmer but only marginally so, USD/JPY has observed a ¥147.00/40 range for the most part with little follow through on moves. Support comes in at ¥146.23, the low from Dec 4. Resistance is at ¥148.51, high from Nov 30.
  • Elsewhere in G-10 moves have been muted, CAD is a touch softer but well within recent ranges.
  • Cross asset wise; US Tsys are little changed as is BBDXY. US Equity futures are marginally lower, and the Hang Seng is down ~1.8%.

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