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AUD/USD Extends Its Bounce

AUSSIE

AUD/USD crept higher on Tuesday, with initial buying sparked by reported demand for AUD/JPY in Asia-Pac hours linked to Japanese retailers, with BBG sources mentioning also broader demand for AUD from exporters and offshore funds. Firmer iron ore prices likely provided yet another tailwind for the Aussie. This played out against the backdrop of wider USD sales ahead of the upcoming presidential debate.

  • The Australian reported that the federal gov't will seek to support domestic horticultural industry by allowing backpackers and seasonal workers to extend their visas and offering incentives to welfare recipients to take up jobs in the sector.
  • AUD/USD trades +4 pips at $0.7134 at typing. A break above the 50-EMA, intersecting at $0.7156, would turn focus to Sep 9 low of $0.7192, the recent breakout level. Bears eye Sep 25 low of $0.7006 for initial support and a break here would open up the 38.2% retracement of the Mar - Sep rally at $0.6965.
  • Australian private sector credit and building approvals come out later today. M'fing PMI readings from AiG & CBA as well as job vacancies are due Thursday, while retail sales hit Friday.
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