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AUD Starts On A Softer Footing After PBoC Rule Tweak

AUSSIE

AUD/USD re-opened lower, tracking losses in the yuan after the PBoC lowered the cost of shorting the yuan. The rate has recouped the bulk of initial losses since and last trades -12 pips at $0.7228, but the Aussie remains the worst performer in G10 FX space.

  • The pair is testing trendline resistance at $0.7232 and a break here would open up Oct 9 high of $0.7240, followed by the 61.8% recovery of Sep 1 - 25 sell-off at $0.7258. Bears look for a dip through Oct 7 low of $0.7096, which would expose Sep 29 at $0.7070.
  • Treasurer Frydenberg delivers a speech to CEDA today, while PM Morrison helps the Liberal-National campaign in Queensland.
  • Australian Westpac Consumer Confidence comes out Wednesday, while a speech from RBA Gov Lowe & domestic labour market report are due Thursday.
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