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AUD/USD Snaps Three-Day Winning Streak

AUD

AUD/USD sold off in Thursday's London morning after printing best levels in almost two weeks earlier in the day. The rate went offered as the PBOC hiked its FX reserve requirement ratio by 2pp, which pulled the rug from under the yuan. Separately, another reassessment of risks from the new variant of Covid-19 inspired a broader risk-off feel.

  • The pair operates at $0.7149, barely changed on the day. A retreat past the most recent intraday lows would bring Dec 3/Nov 2, 2020 lows of $0.6993/91 into play. Bulls need a jump above yesterday's high of $0.7170 before targeting Nov 25 high of $0.7209.
  • Next week, focus in Australia turns to NAB Business Confidence (Tuesday), Westpac Consumer Confidence (Wednesday) as well as consumer inflation expectations and labour market report (Thursday).
  • In addition, RBA's Lowe and Kearns will speak at two separate events next Thursday.
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