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AUD Slumps Following Dovish Hike From RBA, Greenback Inches Higher

FOREX
  • The greenback looks set to be one of the strongest performers in G10 on Tuesday, helping the USD Index (+0.20) post a second consecutive session of gains to partially reverse Friday's sharp pull lower. The USD Index remains below the 50-dma resistance at 105.727, which provides the first upside level.
  • AUD (-0.90%) remains the poorest performer after the RBA's 25bps rate hike (as expected) was accompanied by a switch to data-dependency, moderating the tightening message from the bank. AUD/USD erased Friday's rally in response, with 0.6394 marking the next support (50-dma).
  • Meanwhile, NOK/SEK (-1.08%) has plumbed new multi-month lows, with the March 21 low of 0.9725 the next downside level to watch. Moves coincide with a further weakening in the oil price, as Brent and WTI crude futures both post multi-week lows on Tuesday, down over 4% amid fresh demand concerns.
  • In sympathy with the greenback edging higher, EURUSD slipped back below 1.0700 throughout the session and briefly printed at 1.0664 before stabilising. The move lower failed tor each the pre-NFP levels around 1.0655 and further weakness would focus on the next support zone of 1.0638 and 1.0632 - a 38.2% Fib and the 50-dma respectively.
  • A lack of tier-one data releases on Wednesday keeps the focus on central bank speakers. BOE Governor Bailey is due to speak at the Central Bank of Ireland Financial System Conference before Fed Chair Powell is due to deliver opening remarks at the Division of Research and Statistics Centennial Conference.
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