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AUD/USD Holding Sub 0.6700, But AUD/JPY Rebounds Strongly

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AUD/USD sits around 0.6675/80 in early Friday dealings, after the currency lost 0.22% in Thursday trade. Broader USD sentiment stabilized (BBDXY up 0.08%), as US yields recouped some of Wednesday's losses. Overnight lows in Thursday US trade were at 0.6654 for AUD/USD.

  • For AUD/USD, near term trend conditions are still considered bullish. Yesterday's early high was 0.6714, while the Jan 12 high sits at 0.6729 in terms of upside targets. Support is noted at 0.6622, while the 20-day EMA is around 0.6587.
  • The A$ was the middle of the pack from a G10 standpoint on Thursday, after underperforming earlier on the rise in the unemployment rate (4.1% versus 3.9% forecast). AUD/JPY rebounded strongly from around 102.80 to 103.80.
  • US data was mixed Thursday while Fed comments from Mester helped US yields recover. “I now believe that it will take longer to reach our 2% goal than I previously thought. Recent inflation readings suggest that risks to the inflation part of our mandate have risen,” Mester said in prepared remarks.
  • US and EU equity markets finished down modestly, while Bloomberg aggregate commodity indices were mixed. Metals were down for the first time in 6 sessions. However, the index is just off recent highs.
  • The local data calendar is quiet today (the RBA Mins are out next Tuesday). We do have China data in terms of house prices and April activity data. Note the following for option expiry later, NY cut: $0.6650-60(A$1.3bln).
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AUD/USD sits around 0.6675/80 in early Friday dealings, after the currency lost 0.22% in Thursday trade. Broader USD sentiment stabilized (BBDXY up 0.08%), as US yields recouped some of Wednesday's losses. Overnight lows in Thursday US trade were at 0.6654 for AUD/USD.

  • For AUD/USD, near term trend conditions are still considered bullish. Yesterday's early high was 0.6714, while the Jan 12 high sits at 0.6729 in terms of upside targets. Support is noted at 0.6622, while the 20-day EMA is around 0.6587.
  • The A$ was the middle of the pack from a G10 standpoint on Thursday, after underperforming earlier on the rise in the unemployment rate (4.1% versus 3.9% forecast). AUD/JPY rebounded strongly from around 102.80 to 103.80.
  • US data was mixed Thursday while Fed comments from Mester helped US yields recover. “I now believe that it will take longer to reach our 2% goal than I previously thought. Recent inflation readings suggest that risks to the inflation part of our mandate have risen,” Mester said in prepared remarks.
  • US and EU equity markets finished down modestly, while Bloomberg aggregate commodity indices were mixed. Metals were down for the first time in 6 sessions. However, the index is just off recent highs.
  • The local data calendar is quiet today (the RBA Mins are out next Tuesday). We do have China data in terms of house prices and April activity data. Note the following for option expiry later, NY cut: $0.6650-60(A$1.3bln).