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AUSSIE
AUSSIE: AUD saw an initial downtick in early Asia dealing as the U.S. Trade Rep
complained that China has not fundamentally altered its "unfair, unreasonable &
market-distorting practices." Sources suggest that corporate buyers were active
in AUD/USD ahead of $0.7200 overnight, with rate registering a low of $0.7203 on
the U.S. TR headlines. An uptick in U.S. equity futures also helped the pair to
recover.
- Some interesting comments from RBA Gov. Lowe in his Q&A session put pressure
on AUD in early London hours Tues. Lowe noted that the RBA is "starting to get
concerned about credit supply." While he also suggested that unemployment may go
to 4.5% without generating wage pressure. It's currently 5.0% & the RBA is
projecting 4.75% during '20. AUD/USD edged lower throughout the remainder of
Tues, with equity markets trading heavy across the board.
- AUD/USD last deals at $0.7230. Tuesday's break and close below the 100-DMA
will please bears, who now look for a break below $0.7200 to open up the the Nov
13 low at $0.7164. Bulls need to regain the 100-DMA at $0.7253.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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