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UniCredit on CRBT Decision

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1.00% May-38 Bund

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Looking ahead to the Fed Minutes

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USD bid is the early story of the day

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AUSSIE
AUSSIE: AUD/USD has stuck to a tight range in early Asia trade, brushing off
comments from RBA Dep. Gov Debelle, as he suggested that unemployment may fall
further than it has done in previous instances before wages pick up. Debelle
then participated in a Q&A, with BBG covering the comments. Debelle reiterated
that the "RBA is paying close attention to falling house prices," stressing that
the "drag on the economy from lower house prices is still somewhat unclear." On
the AUD Debelle noted that it would be "helpful for our economy if the fed rate
pushes the A$ lower."
- Rate last $0.7140 after the pair threatened to break back above $0.7150 in NY
trade Tuesday, after struggling early on. However, the stabilisation in the USD
as U.S. equities surged limited the rate later in the day.
- Monday's extremes ($0.7112-$0.7151) provide the initial support & resistance.
Bulls need to recover the $0.7200 area to break the longer term downtrend, while
bears need a downside break of 0.7044 before targeting the key $0.70 level.
- Westpac leading index data is due shortly, although local focus falls on
tomorrow's AU labour mkt report.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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