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AUD/USD Back To Low 0.6300 Region Post US CPI Print

AUD

AUD/USD lost 1.56% for Thursday's session, with the majority of the losses coming in the NY session post the US CPI print. From near 0.6410 the currency pulled back towards 0.6300 before stabilizing somewhat. We finished up in the 0.6310/15 region, which is where we currently track in the first part of Friday trade.

  • The slightly firmer than expected US inflation data sparked a shift higher for US treasury yields (US 2yr to 5.07%, 10yr to 4.70%) and drove a broad-based recovery in the USD. The BBDXY back to 1273, +0.67%.
  • The AUD and NZD were the weakest performers for the session in the G10 space. US equity sentiment weakened (SPX down 0.62%), which left AUD/JPY back down to 94.50, we were near 95.80 this time yesterday.
  • Commodity indices were mixed, with the Bloomberg index modestly higher (+0.47%), but the base metals index lost -0.34%. Iron ore is around $113/ton, broadly tracking recent ranges.
  • Thursday's fall will resume focus on downside momentum in AUD/USD. Earlier October lows rest around 0.6285, while 0.6215 is a downside Fibonacci projection. the 20-day EMA is back near 0.6390.
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