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AUD/USD Dips 0.50% On Risk Off

AUD

After printing fresh highs of 0.6779, AUD/USD slumped back to 0.6724 by late NY trade on Wednesday. We track near 0.6730/35 in the first part of Thursday dealing, having fallen 0.45% for Wednesday's session.

  • Like the NZD, AUD/USD still remains some distance above support points. The Dec 14 low was 0.6655, while the 20-day EMA sits at 0.6617.
  • The VIX spiked back to 13.7% as US equity sentiment faltered. The SXP falling the most (-1.47%) since September. There didn't appear a macro catalyst for the equity weakness, but it spill over into broader FX and FI moves.
  • AUD/JPY fell just over 0.60%, to be back at 96.65/70, unwinding part of the +2% rally seen in the first part of the week.
  • Commodity indices were down, the Bloomberg aggregate index off 0.45%, although metals only fell 0.11%. Iron ore rose though and is back above $134/ton.
  • On the data front, we just have Nov private sector credit figures due tomorrow to round out the year.
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