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AUD: US Equities & Commodities Drive A$ To Outperform

AUD

AUDUSD fell sharply after the US August CPI data which showed headline consistent with consensus but core higher. It reached a low of 0.6622 before rebounding in line with US equities to outperform and rise 0.3% on the day to 0.6675. It also found support from stronger commodities and is currently around 0.6678. The USD index finished down 0.1%.

  • The AUDUSD bear cycle remains in place with Wednesday’s low of 0.6622 the initial support level. Initial resistance is at 0.6767 and the bull trigger 0.6824.
  • AUDNZD rose 0.5% to 1.0877, close to the intraday high of 1.0882. AUDJPY is 0.3% higher at 95.02 after falling to a low of 93.59 following the US CPI. AUDEUR is up 0.4% to 0.6061 and AUDGBP +0.6% to 0.5117.
  • Equities were generally higher with the S&P up 1.1% and Euro stoxx +0.3% but FTSE down 0.2%. Oil prices unwound a large share of Tuesday’s drop with WTI up 2.5% to $67.38/bbl. Copper is up 1.7% and iron ore around $93/t.
  • Today Melbourne Institute inflation expectations for September are released. 
RegionGlobalBulletAPACForeign Exchange BulletsAustraliaMarkets

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