Trial now

Approaching Key Support


WTI Narrows in on Cycle High

AUSSIE: AUD/USD last trades at $0.7120, 7 pips better off, after closing ~40
pips better off Wednesday, as strong data from Australia and China and reports
of progress in Sino-U.S. trade talks buoyed the Aussie through the day.
- The pair initially ebbed lower in early Asia-Pac trade yesterday, amidst tepid
risk appetite. Subsequent release of higher than exp. Australian trade surplus
(widest on record) and firm retail sales data generated fresh AUD demand. Just
after the releases, the FT reported that Washington and Beijing have resolved
most of the issues that stood in the way of signing a bilateral trade deal
(albeit the report pointed to some sticking points), lifting the pair through
$0.7100, which has capped its earlier gains. This was followed by strong Caixin
services and composite PMI readings from China.
- The rate held gains through the London/NY sessions, as Sino-U.S. trade talks
resumed, while chief White House econ adviser Kudlow and Republican Sen Perdue
struck optimistic notes re: the ongoing negotiations.
- Above $0.7129-$0.7132, which remains intact this week, would expose the
100-DMA/Mar 20 high of $0.7149/50. Bears look to the 200- & 100-HMAs at $0.7101.