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AUD/USD Builds on Recent Strength to Touch Multi-Month High

FOREX
  • Scandi currencies are modestly outperforming, with SEK and NOK firmer against most others ahead of the NY crossover. The USD index is on the backfoot, keeping last week's lows of 103.178 within reach. Weakness through here would put the USD Index at the lowest levels since late August, with 102.936 the next downside level to watch.
  • CAD is the poorest performer in G10 as oil prices continue to perform poorly and undermine the currency. Markets watch the awaited and delayed OPEC meeting later in the week, at which they are under pressure to cut supply further in order to prop up a price that's faltered due to global demand concerns and tighter economic conditions. USD/CAD trades back above last week's 1.3594 low, with the 1.3679 50-dma the next upside level.
  • AUD strength has built on last week's rally, with the pair benefiting from the first close above the 200-dma since July (0.6584). Resultingly, AUD/USD has touched the best level since Aug10 at 0.6601 ahead of the US open.
  • US new home sales and the Dallas Fed manufacturing activity index make up the data schedule for Monday, with ECB's Lagarde the sole central bank speaker. She appears in front of EU Parliament, conducting a monetary dialogue with lawmakers.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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